When looking at the real estate market data provided, there are several key metrics that can give insight into the current state of the market.
First, let’s look at the Months Supply of Inventory, which is 8.14. This metric represents how long it would take for all the current homes on the market to sell, given the current sales pace. A higher number indicates a buyer’s market, while a lower number indicates a seller’s market. With a supply of 8.14 months, we can say that the market is leaning towards being more favorable for buyers.
The 12-Month Change in Months of Inventory is also important to consider, with a positive change of 0.37%. This indicates that the inventory of homes on the market has increased slightly over the past year, which could potentially give buyers more options to choose from.
Next, the Median Days Homes are On the Market is 102. This metric shows the average number of days it takes for a home to sell once it is listed. A higher number can indicate a slower market, while a lower number can indicate a faster-moving market. With homes taking 102 days to sell, it suggests that buyers may have more time to make decisions and potentially negotiate on price.
The List to Sold Price Percentage is 94.8%, which shows that homes are typically selling for about 94.8% of their listing price. This can give sellers an idea of how much negotiating power they may have when pricing their home.
Finally, the Median Sold Price is $2,085,000, which represents the middle price point of all homes sold in the market. This can give both buyers and sellers an idea of the general price range of homes in the area.
Overall, these metrics paint a picture of a real estate market that is leaning towards being more favorable for buyers, with a slight increase in inventory and homes taking a bit longer to sell. Sellers should be mindful of pricing their homes competitively to attract buyers in this market. Buyers may have more options to choose from and potentially negotiate on price.
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.
