Let’s break down these real estate metrics to understand how they are correlated and what they mean for buyers and sellers in the market.
First, let’s look at the Months Supply of Inventory, which is currently at 3.29. This metric tells us how long it would take to sell all the homes on the market given the current pace of sales. A lower number indicates a seller’s market, where demand outweighs supply, leading to potential bidding wars and higher prices.
Next, we have the 12-Month Change in Months of Inventory, which has increased by +15.85%. This means that the inventory of homes for sale has grown over the past year, potentially shifting towards a more balanced market or even a buyer’s market. Sellers may need to adjust their pricing or marketing strategies to attract buyers in this competitive landscape.
The Median Days Homes are On the Market is 83, showing us the average time it takes for a home to sell. A shorter time on the market can indicate a strong demand for homes in the area, while a longer time may suggest pricing or other factors that need to be addressed.
The List to Sold Price Percentage is 96.9%, indicating that homes are typically selling very close to their list price. This can be a helpful metric for sellers to set realistic expectations for their asking price and negotiate effectively with buyers.
Lastly, the Median Sold Price is $366,165, giving us a benchmark for the average price of homes sold in the market. Buyers can use this information to gauge affordability and make informed decisions when making offers.
In summary, these metrics suggest a dynamic real estate market with opportunities for both buyers and sellers. Sellers may need to adapt to changing inventory levels and market conditions, while buyers can benefit from competitive pricing and a variety of options to choose from. By staying informed and working with a knowledgeable real estate agent, both parties can navigate the market successfully and achieve their goals.
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.
