Let’s take a closer look at these real estate metrics to understand their correlation and what they mean for buyers and sellers in the current market.
First, the Months Supply of Inventory is 3.19, which indicates the number of months it would take to sell all the current listings on the market. A lower months supply of inventory typically indicates a seller’s market, where there is high demand and limited supply.
The 12-Month Change in Months of Inventory is -12.84%, showing a decrease in the number of months it would take to sell all the listings compared to the previous year. This suggests a tightening of the market and potentially increasing competition among buyers.
The Median Days Homes are On the Market is 140, which reflects the average number of days it takes for a home to sell. A higher number of days on the market could indicate a slower market or potentially overpriced listings.
The Sold to List Price Percentage is 93.2%, revealing that on average, homes are selling for 93.2% of their listed price. This metric can give sellers an idea of how much negotiating power they may have and how competitive the market is.
Lastly, the Median Sold Price is $2,275,000, which represents the middle point of all sold prices in the market. This can be a helpful benchmark for both buyers and sellers to understand the value of properties in the area.
Overall, these metrics suggest a balanced market with moderate inventory levels, a slight decrease in supply compared to the previous year, and a high percentage of homes selling close to their list price. Buyers and sellers should pay attention to these indicators to make informed decisions in the current real estate landscape.
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.
