As we look at the current real estate market metrics, we can see a correlation between these key indicators that can provide valuable insights for both buyers and sellers.
First, let’s examine the Months Supply of Inventory, which is currently at 3.71. This metric represents how long it would take for all the current homes on the market to be sold at the current sales pace. A lower number indicates a seller’s market, while a higher number indicates a buyer’s market.
The 12-Month Change in Months of Inventory is showing a significant increase of +35.4%. This indicates that the market is becoming more favorable for buyers, as there are more homes available for sale compared to the previous year.
The Median Days Homes are On the Market is 54, which is a relatively quick turnaround time for homes to be sold. This suggests that the market is active and homes are moving quickly, which is good news for sellers.
The Sold to List Price Percentage is at 96.2%, which means that homes are typically selling very close to their list price. This indicates a strong seller’s market where buyers may face competition and have less room for negotiation.
Lastly, the Median Sold Price is $450,000, which gives us an idea of the average price at which homes are selling in the current market. Sellers can use this information to price their homes competitively, while buyers can use it to gauge the affordability of properties.
Overall, these metrics paint a picture of a dynamic real estate market with opportunities for both buyers and sellers. Buyers may find more options and potentially better deals, while sellers can take advantage of the strong demand and competitive pricing. It’s essential for both parties to stay informed and work with a knowledgeable real estate agent to navigate this ever-changing market successfully.
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.
