Let’s break down the correlation between these real estate metrics to help buyers and sellers understand how they are all interconnected.
The Months Supply of Inventory being at 3.42 indicates that there is a relatively low supply of homes on the market compared to the current demand. This means that homes are selling quickly, which is further supported by the Median Days Homes are On the Market being only 54 days.
The 12-Month Change in Months of Inventory being at -18.96% shows a significant decrease in the amount of available inventory compared to the previous year. This reduction in supply can lead to higher competition among buyers and potentially result in higher selling prices.
The List to Sold Price Percentage being at 96.6% indicates that homes are typically selling very close to their list price. This suggests that sellers are pricing their homes accurately and buyers are willing to pay close to the asking price.
Finally, the Median Sold Price being at $466,000 reflects the average selling price of homes in the market. This price point is influenced by factors such as supply and demand, location, and the overall health of the real estate market.
Overall, these metrics show a strong correlation between the low inventory levels, quick selling times, and close-to-list price sales. For buyers, this may mean needing to act quickly and potentially offer close to the asking price. For sellers, this indicates a favorable market where homes are selling quickly and at or near the list price.
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.
