The real estate market is currently experiencing a healthy level of inventory with a months supply of 5.43, indicating a balanced market between buyers and sellers. However, there has been a significant increase of 16.03% in the past year in the months of inventory, which suggests that the market may be shifting towards favoring buyers.
Despite this increase in inventory, homes are still selling relatively quickly with a median days on the market of 40. This could be due to the high demand for homes in the area, as evidenced by the sold to list price percentage of 97.2%. This means that homes are generally selling very close to their listing price, which reflects strong buyer interest.
The median sold price of $1,600,000 indicates that this is a high-end market with luxury properties. Sellers can expect to receive a good return on their investment, while buyers can expect to find high-quality homes in this price range.
Overall, the data suggests that the real estate market is stable and attractive for both buyers and sellers. Buyers can find desirable properties at a reasonable price, while sellers can expect to receive a good price for their homes in a relatively short amount of time.
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.
