The real estate market is currently experiencing a healthy balance between supply and demand, as indicated by the Months Supply of Inventory at 4.5. This metric represents the number of months it would take to sell all the current inventory of homes on the market at the current sales pace. A lower number typically indicates a seller’s market, while a higher number indicates a buyer’s market. With a Months Supply of Inventory at 4.5, we are in a fairly balanced market.
The 12-Month Change in Months of Inventory is -0.88%, indicating a slight decrease in the amount of time it would take to sell all the current inventory of homes compared to the previous year. This suggests that the market may be becoming slightly more competitive for buyers.
The Median Days Homes are On the Market is 66, which is a reasonable amount of time for homes to sell in the current market conditions. This metric gives insight into how quickly homes are selling and can help sellers determine the optimal listing price and marketing strategy.
The Sold to List Price Percentage is 94.1%, which means that, on average, homes are selling for 94.1% of their list price. This metric can help buyers and sellers understand the level of negotiation that typically takes place in the market.
Lastly, the Median Sold Price is $1,620,000, indicating the middle price point of all homes sold in the market. This metric can give buyers and sellers an idea of the overall price range of homes in the area.
Overall, these real estate metrics suggest a balanced market with reasonable inventory levels, steady demand, and homes selling at a competitive price point. Buyers and sellers can use this information to make informed decisions about buying or selling a home in 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.
