When looking at these real estate metrics, we can see some interesting correlations that can give insight into the current market conditions.
The Months Supply of Inventory being at 3.9 indicates that there is a relatively low supply of homes on the market compared to the demand from buyers. This can lead to a competitive market with potentially higher prices.
The 12-Month Change in Months of Inventory increasing by 56% shows that the supply of homes has been increasing over the past year. This could signify a shift towards a more balanced market where buyers have more options to choose from.
The median days homes are on the market being 74 days suggests that homes are selling relatively quickly. This could be due to the low inventory and high demand mentioned earlier.
The List to Sold Price Percentage being at 95.9% indicates that homes are typically selling very close to their listing price. This could be a result of the competitive market conditions we mentioned earlier.
Lastly, the median sold price of $362,000 gives us an idea of the average price at which homes are selling. This can be useful for both buyers and sellers to understand the current market value of properties.
Overall, these metrics paint a picture of a market with low inventory, high demand, and homes selling quickly and close to their listing price. This information can be valuable for buyers looking to make a purchase or sellers looking to list their property.
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.
