Let’s break down the correlation between these real estate metrics to help buyers and sellers better understand the current market conditions.
First, let’s look at the Months Supply of Inventory, which is at 4.62. This number represents how long it would take for all the current homes on the market to be sold, given the current sales pace. A lower number typically indicates a seller’s market, where there are more buyers than available properties.
Next, the 12-Month Change in Months of Inventory is at -7.41%. This negative percentage means that the supply of homes on the market has decreased over the past year, which could lead to increased competition among buyers and potentially higher prices.
The Median Days Homes are On the Market is 58, indicating that homes are selling relatively quickly in this market. This could be a sign of strong buyer demand and limited inventory.
The List to Sold Price Percentage is at 95.7%, showing that homes are selling close to their listing price. This could mean that sellers are pricing their homes accurately and that there is strong negotiation between buyers and sellers.
Finally, the Median Sold Price is $505,092, giving buyers and sellers an idea of the average price of homes in the market. This number can help sellers determine a listing price and buyers understand what they can expect to pay for a home.
Overall, these metrics suggest that the real estate market is competitive, with limited inventory and homes selling quickly at prices close to their listing price. Buyers may need to act fast and be prepared to make strong offers, while sellers may find it to be a favorable time to list their homes.
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.
