As a real estate professional, it is important to understand the correlation between key metrics in the market to provide valuable insights to both buyers and sellers.
Starting with the Months Supply of Inventory at 5.29, this indicates the number of months it would take to sell all current inventory at the current pace of sales. A higher number suggests a buyer’s market, while a lower number indicates a seller’s market.
The 12-Month Change in Months of Inventory increasing by +1.15% shows a slight trend towards a more balanced market compared to the previous year. This could mean more options for buyers and potentially less competition for sellers.
The Median Days Homes are On the Market at 116 reveals that homes are staying on the market for a longer period. This could be due to various factors such as pricing, condition of the property, or market conditions.
The Sold to List Price Percentage of 98.6% indicates that homes are selling very close to their list price. This suggests that sellers are pricing their homes competitively and buyers are willing to pay close to the asking price.
Lastly, the Median Sold Price of $1,385,000 gives an idea of the average price at which homes are selling in the market. This can be valuable information for both buyers and sellers to understand the current market value of properties in the area.
Overall, these metrics paint a picture of a market that is relatively balanced with a moderate inventory level, homes selling close to list price, and a longer time on the market. Understanding these correlations can help buyers make informed decisions on when to buy and sellers on how to price their properties effectively.
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.
