The real estate market is currently experiencing a moderate level of inventory with a Months Supply of Inventory at 5.32. This indicates that there is enough supply to meet the demand of buyers, but not an excess that could lead to a buyer’s market.
The 12-Month Change in Months of Inventory has seen a significant increase of +36.41%, suggesting that inventory levels have been steadily increasing over the past year. This could indicate a potential shift towards a more balanced market, giving buyers more options to choose from.
Homes are spending an average of 75 days on the market before being sold, which is a relatively short amount of time compared to other markets. This could indicate a strong demand for homes in the area, leading to quicker sales.
The Sold to List Price Percentage of 97.6% shows that homes are selling close to their listing price, indicating that sellers are pricing their homes accurately and buyers are willing to pay close to the asking price.
The Median Sold Price of $3,158,600 is quite high, suggesting that the market caters to luxury properties. Sellers in this market could potentially benefit from the high median price, while buyers may need to have a substantial budget to purchase a home in this area.
Overall, the data suggests that the real estate market is in a healthy state, with a good balance between supply and demand. Buyers and sellers alike can expect fair prices and reasonable timeframes for transactions in this market.
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.
