Let’s dive into the real estate market data to better understand the correlation between these key metrics.
First, let’s look at the Months Supply of Inventory, which is currently 2.55. This metric tells us how long it would take to sell all the current homes on the market at the current sales pace. A lower number indicates a seller’s market, where demand exceeds supply.
Next, the 12-Month Change in Months of Inventory is +0.39%, showing a slight increase in inventory over the past year. This could be a sign of a shifting market where supply is starting to outpace demand.
The Median Days Homes are On the Market is 52, which is the average number of days it takes for a home to sell. A lower number suggests a faster-moving market, while a higher number may indicate a slower market with less buyer activity.
The List to Sold Price Percentage is 96.8%, indicating that homes are selling for about 96.8% of their listing price. This metric can give insight into pricing trends and negotiation dynamics in the market.
Lastly, the Median Sold Price is $630,000, which represents the middle point of all home sale prices in the area. This metric can give buyers and sellers an idea of the overall market value of homes in the area.
When we put all these metrics together, we can see that there is a correlation between the low Months Supply of Inventory, relatively quick median days on market, high list to sold price percentage, and a median sold price of $630,000. These factors suggest a competitive market with strong demand and potential for sellers to achieve favorable selling prices. However, the slight increase in inventory over the past year may indicate a shift towards a more balanced market, providing buyers with more options and potentially leading to longer days on the market in the future.
Overall, this data can help both buyers and sellers make informed decisions in the real estate market, whether it’s pricing a home competitively or understanding market trends to make a smart investment.
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.
