Let’s break down the real estate metrics to understand how they correlate and what they mean for buyers and sellers in the current market.
First, let’s look at the Months Supply of Inventory, which is at 6.01. This metric tells us how long it would take for all the current homes on the market to sell at the current pace of sales. A balanced market typically has around 6 months of inventory, so we are currently in a fairly balanced market.
Next, the 12-Month Change in Months of Inventory is +19.96%. This indicates that there has been an increase in the supply of homes on the market over the past year. This could mean more options for buyers, but sellers may face increased competition.
The Median Days Homes are On the Market is 61, which means that on average, homes are selling relatively quickly in this market. This could be due to high demand or competitive pricing strategies.
The List to Sold Price Percentage is 98.4%, showing that homes are typically selling very close to their asking price. This could indicate a strong seller’s market where buyers may need to be prepared to offer close to asking price.
Lastly, the Median Sold Price is $340,990, giving buyers and sellers an idea of the average price of homes in the market. This can help both parties understand the value of properties and make informed decisions.
Overall, these metrics suggest a fairly balanced market with a decent supply of inventory, homes selling relatively quickly, and prices close to asking. Buyers may have more options to choose from, while sellers may need to price competitively to attract buyers. It’s important for both buyers and sellers to consider these factors when navigating 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.
