The real estate market is currently showing a strong correlation between several key metrics. The Months Supply of Inventory stands at 4.2, indicating that it would take approximately 4.2 months to sell all the current homes on the market at the current pace of sales. This is a healthy balance between supply and demand.
The 12-Month Change in Months of Inventory is at -4.11%, showing a decrease in the amount of time it would take to sell all available homes compared to the previous year. This suggests a trend of increasing demand or decreasing supply in the market.
The Median Days Homes are On the Market is 75, indicating that homes are selling relatively quickly in this market. This could be due to a combination of factors such as attractive pricing, desirable location, and strong buyer interest.
The Sold to List Price Percentage is at 93.5%, showing that homes are typically selling for 93.5% of 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 is $1,547,250, indicating the midpoint of all home sales in this market. This gives potential buyers and sellers a benchmark to gauge the value of properties in the area.
Overall, these metrics paint a picture of a dynamic and competitive real estate market, where homes are selling relatively quickly and at a high percentage of their asking price. Buyers and sellers should take note of these trends when navigating the current 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.
