Let’s break down these real estate metrics to better understand how they are correlated.
First, let’s look at the Months Supply of Inventory, which is currently at 4.39. This measures how long it would take for all the current homes on the market to sell at the current pace of sales. A lower number typically indicates a seller’s market, where demand is high and supply is limited.
Next, we have the 12-Month Change in Months of Inventory, which is at -25.09%. This shows a significant decrease in the amount of time it would take to sell all the homes on the market compared to a year ago. This suggests a tightening of the market and increased competition among buyers.
The Median Days Homes are On the Market is 63, which indicates the average amount of time it takes for a home to sell. A lower number suggests a fast-moving market with high demand.
The List to Sold Price Percentage is 96.7%, which means that on average, homes are selling for 96.7% of their list price. This can indicate a competitive market where buyers are willing to pay close to asking price.
Lastly, the Median Sold Price is $515,000, which gives us an idea of the average price at which homes are selling. This can help both buyers and sellers understand the current market value of properties in the area.
Overall, these metrics paint a picture of a competitive real estate market with limited inventory, quick sales, and homes selling close to their asking price. This information can be valuable for both buyers and sellers in making informed decisions in the current market conditions.
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.
