Let’s break down the correlation between these real estate metrics to give buyers and sellers a better understanding of the current market conditions.
First, let’s look at the Months Supply of Inventory, which is 5.88. This number represents how long it would take to sell all the homes on the market at the current sales pace. A lower number typically indicates a seller’s market, while a higher number suggests a buyer’s market.
Next, we have the 12-Month Change in Months of Inventory, which is +18.79%. This increase in inventory over the past year could signal a shift towards a more balanced market, giving buyers more options and potentially leading to more negotiation power.
The Median Days Homes are On the Market is 42, indicating that homes are selling relatively quickly in this market. This could be due to high demand and competitive pricing.
The List to Sold Price Percentage is 98.1%, showing that homes are generally selling close to their listing price. This could indicate a market where sellers are pricing their homes accurately and buyers are willing to pay close to the asking price.
Finally, the Median Sold Price is $301,490. This provides insight into the average price of homes that are selling in the current market. Buyers can use this information to gauge affordability, while sellers can use it to determine a competitive listing price.
Overall, these metrics suggest a market that is balanced with decent inventory levels, quick sales, and homes selling close to their listing prices. Buyers and sellers can use this information to make informed decisions in the real estate market.
If you would like to know more about what is happening in your particular area, let’s schedule some time to speak. Each market is different and there are micro markets that may provide additional insight. I look forward to discussing what is going on with your area.
