Let’s break down these real estate metrics and see how they correlate with each other.
First, let’s look at the Months Supply of Inventory, which is currently at 3.5 months. This indicates how long it would take for all the current homes on the market to be sold at the current pace of sales. A lower number typically means a seller’s market, where there are more buyers than homes available.
Next, we have the 12-Month Change in Months of Inventory, which is showing an increase of +0.86%. This suggests that inventory levels have slightly increased over the past year, moving towards a more balanced market.
The Median Days Homes are On the Market is 82 days, which means that on average, homes are taking about three months to sell. This could be influenced by factors such as pricing, location, and market conditions.
The List to Sold Price Percentage is at 97.2%, indicating that homes are generally selling very close to their list price. This suggests that sellers are pricing their homes competitively and buyers may not have as much negotiating power.
Lastly, the Median Sold Price is $479,598, which gives us an idea of the average price at which homes are selling in the market. This can be influenced by factors such as location, size, and condition of the homes.
Overall, these metrics paint a picture of a market where inventory levels are slightly increasing, homes are selling relatively quickly, and sellers are getting close to their asking price. Buyers and sellers should take these factors into consideration when entering the real estate 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.
