When looking at the real estate market data, we can see a correlation between the Months Supply of Inventory, the 12-Month Change in Months of Inventory, the Median Days Homes are On the Market, the List to Sold Price Percentage, and the Median Sold Price.
The Months Supply of Inventory is a key indicator of the balance between supply and demand in the market. With a supply of 3.34 months, this suggests that there is a relatively balanced market where there is neither an excess of supply nor demand.
The 12-Month Change in Months of Inventory increasing by 12.08% indicates that there has been an increase in the amount of inventory available on the market over the past year. This could be due to more homes being listed for sale or a decrease in demand.
The Median Days Homes are On the Market being 48 days shows that homes are selling relatively quickly in this market. This could be due to high demand, competitive pricing, or desirable locations.
The List to Sold Price Percentage being 98% indicates that homes are typically selling very close to their list price. This could be a result of pricing homes accurately, negotiation skills of agents, or a competitive market.
Finally, the Median Sold Price being $510,000 gives us an idea of the average price that homes are selling for in this market. This can be influenced by factors such as location, size, condition, and amenities of the property.
Overall, these metrics paint a picture of a market with a balanced supply and demand, homes selling relatively quickly and close to their list price, and an average selling price of $510,000. Buyers and sellers should keep these factors in mind when navigating the current real estate 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.
