The real estate market is currently experiencing a months supply of inventory of 4.04, indicating a balanced market where supply and demand are relatively stable. However, there has been an 11.29% increase in the months of inventory over the past year, suggesting a slight shift towards a more buyer-friendly market.
Despite this increase in inventory, homes are still selling relatively quickly, with a median of 36 days on the market. This could be attributed to the high sold to list price percentage of 96.3%, indicating that sellers are receiving close to their asking price.
The median sold price in this market is $500,000, reflecting a strong market with healthy pricing levels. Buyers can expect to find a variety of options within this price range, while sellers can feel confident in the value of their properties.
Overall, this real estate market offers a balanced inventory, quick sales, strong pricing, and favorable conditions for both buyers and sellers. Buyers should act quickly to secure their desired property, while sellers can expect a competitive market with favorable pricing.
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.
