When looking at these real estate metrics, we can see a clear correlation between the Months Supply of Inventory, the 12-Month Change in Months of Inventory, the Median Days Homes are On the Market, the List to Sold Price Percentage, and the Median Sold Price.
With a Months Supply of Inventory at 2.12, this indicates that there is a relatively low inventory of homes available on the market. This scarcity of available properties can lead to a quicker turnaround time for sellers, as evidenced by the Median Days Homes are On the Market being just 43 days. Additionally, with a List to Sold Price Percentage of 97.2%, we can see that sellers are typically able to sell their homes close to their asking price.
The 12-Month Change in Months of Inventory being at -9.01% shows that there has been a decrease in the amount of inventory available over the past year. This decrease in supply can drive up demand, leading to higher prices. This is reflected in the Median Sold Price of $517,000, indicating that homes in this market are selling at a relatively high price point.
Overall, these metrics suggest that this real estate market is currently favoring sellers, with low inventory, quick turnaround times, and strong sale prices. For buyers, this may mean needing to act quickly and potentially pay top dollar for a property. Sellers, on the other hand, may find themselves in a favorable position to sell their home quickly and at a good 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.
