Let’s take a look at how these real estate metrics are correlated and what they mean for buyers and sellers in the current market.
The Months Supply of Inventory being at 4.23 indicates that there is a balance between the number of homes available for sale and the current rate of sales. This means that buyers have a decent selection of homes to choose from, but sellers may also face some competition.
The 12-Month Change in Months of Inventory decreasing by -15.23% shows that the market has become more competitive over the past year, with homes selling at a faster pace. This could indicate increased demand or decreased supply.
The Median Days Homes are On the Market at 73 suggest that homes are selling relatively quickly in this market. This is good news for sellers as it means their properties are not sitting on the market for too long.
The List to Sold Price Percentage being at 95.5% indicates that homes are typically selling close to their listing price. This could mean that sellers are pricing their homes accurately or that buyers are willing to pay close to the asking price.
Lastly, the Median Sold Price of $750,000 gives an idea of the average selling price in this market. This information is crucial for both buyers and sellers to understand the current market value of homes.
Overall, these metrics paint a picture of a relatively healthy real estate market with a balanced supply and demand. Sellers can expect their homes to sell relatively quickly and close to the asking price, while buyers have a decent selection of homes to choose from. It’s important for both parties to stay informed about these metrics to make informed decisions in the real estate 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.
