The real estate market is currently showing a balanced supply and demand with a Months Supply of Inventory at 4.75. This indicates that it would take approximately 4.75 months to sell all the available homes on the market at the current pace of sales.
The 12-Month Change in Months of Inventory is up by 9.2%, which suggests that there has been a slight increase in inventory over the past year. This could be due to a combination of factors such as more homes coming onto the market or a decrease in buyer demand.
The Median Days Homes are On the Market is 82, indicating that homes are selling relatively quickly in this market. This could be attributed to a combination of factors such as competitive pricing, strong buyer demand, and effective marketing strategies.
The Sold to List Price Percentage is 97.6%, showing that homes are typically selling very close to their list price. This could indicate that sellers are pricing their homes accurately and negotiating well with buyers.
Finally, the Median Sold Price is $359,719, which provides insight into the overall price range of homes that are selling in this market. This information can be valuable for both buyers and sellers in understanding the current market conditions and making informed decisions.
Overall, these metrics paint a picture of a relatively balanced real estate market with homes selling quickly and close to their list price. Buyers and sellers can use this information to make informed decisions about buying or selling a home in this 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.
