When looking at these real estate metrics, we can see a correlation between them that can provide valuable insights for both buyers and sellers.
First, let’s consider the Months Supply of Inventory, which is currently at 4.72. This metric indicates how long it would take to sell all the current homes on the market at the current pace of sales. A lower number indicates a seller’s market, while a higher number suggests a buyer’s market.
The 12-Month Change in Months of Inventory shows an increase of 10.54%. This means that inventory levels have risen over the past year, which could signal a shift towards a more balanced market or even a buyer’s market.
The Median Days Homes are On the Market is 88, which gives an idea of how long it takes for homes to sell. A lower number suggests a faster-moving market, while a higher number indicates homes are taking longer to sell.
The Sold to List Price Percentage is 97.3%, indicating that homes are typically selling very close to their listing price. This can be helpful for sellers to set realistic pricing expectations.
Lastly, the Median Sold Price is $329,391, giving an idea of the average price at which homes are selling. This can be useful for both buyers and sellers to understand the market value of properties in the area.
Overall, these metrics suggest that the market is currently balanced, with a moderate supply of inventory, homes selling close to their listing price, and a reasonable amount of time on the market. Buyers and sellers can use this information to make informed decisions and navigate the real estate market effectively.
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.
