Let’s break down these real estate metrics and see how they are correlated.
First, we have the Months Supply of Inventory, which is currently at 2.23. This metric indicates how long it would take for all the current homes on the market to be sold, given the current pace of sales. A lower number typically indicates a seller’s market, where demand is high and supply is limited.
Next, we have the 12-Month Change in Months of Inventory, which is at 0%. This means that the supply of homes on the market has remained relatively stable over the past year, without any significant increase or decrease in inventory levels.
The Median Days Homes are On the Market is 67, which shows the average amount of time it takes for a home to sell once it is listed. A lower number suggests that homes are selling quickly, which could be due to high demand and limited inventory.
The List to Sold Price Percentage is at 97%, indicating that homes are typically selling very close to their listing price. This can be a positive sign for sellers, as it suggests that buyers are willing to pay close to the asking price for properties.
Lastly, the Median Sold Price is $427,000, which represents the middle price point of all the homes sold in the area. This can give buyers and sellers a sense of the overall market value and pricing trends in the area.
Overall, these metrics suggest a healthy real estate market with a balanced supply and demand. Homes are selling relatively quickly, close to their listing prices, and at a median price point of $427,000. Buyers and sellers should keep an eye on these factors to make informed decisions in this dynamic market.
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.
