Let’s break down the correlation between these real estate metrics to help both buyers and sellers understand the current market conditions.
First, let’s look at the Months Supply of Inventory, which is at 6.62. This number represents how long it would take to sell all the current homes on the market if no new listings were added. 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 shows a decrease of 3.78%. This suggests that the market is becoming more competitive, with homes selling at a faster rate compared to the previous year.
The Median Days Homes are On the Market is 31, indicating that properties are selling relatively quickly. This could be due to high demand or well-priced listings that are attracting buyers.
The List to Sold Price Percentage is at 89.5%, showing that homes are typically selling close to their listing price. This could signal strong negotiating power for sellers, but also suggests that buyers may need to act quickly and make strong offers.
Lastly, the Median Sold Price is $2,162,500, indicating the midpoint of all sold property prices. This figure gives buyers and sellers an idea of the current market value in the area.
Overall, these metrics point to a competitive market with limited inventory, leading to faster sales and potentially higher prices. Sellers may benefit from listing their homes now, while buyers should be prepared to act decisively and potentially offer strong bids to secure a property. It’s always a good idea to work with a real estate professional who can provide personalized advice based on these 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.
