Let’s break down these real estate metrics to understand how they are correlated.
The Months Supply of Inventory is currently at 6.72, which means it would take approximately 6.72 months to sell all the homes on the market at the current pace of sales. This number gives us an indication of the balance between supply and demand in the housing market.
The 12-Month Change in Months of Inventory is -0.74%, indicating a slight decrease in the amount of time it would take to sell all the homes on the market compared to the previous year. This could suggest a tightening of the market and potentially higher demand for homes.
The Median Days Homes are On the Market is 74, which means that on average, homes are taking 74 days to sell. This number can give sellers an idea of how long they can expect their home to be on the market before finding a buyer.
The List to Sold Price Percentage is 94.1%, indicating that homes are typically selling for 94.1% of their listing price. This number can be helpful for both buyers and sellers in negotiating offers and understanding market trends.
Finally, the Median Sold Price is $1,881,000, giving us an idea of the average selling price of homes in the market. This number can be useful for both buyers and sellers in understanding the overall pricing trends in the market.
Overall, these metrics are all interconnected and can give buyers and sellers valuable insights into the current state of the real estate market, helping them make informed decisions when buying or selling a home.
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.
