Let’s break down the real estate metrics to get a better understanding of how they are correlated.
First, the Months Supply of Inventory is 12.29, which means that it would take about 12.29 months to sell all the current homes on the market at the current sales pace. This is a key indicator of the balance between supply and demand in the market.
The 12-Month Change in Months of Inventory is +21.44%, indicating that there has been an increase in the amount of time it would take to sell all the homes on the market compared to the previous year. This could suggest a shift towards a buyer’s market, where there is more supply than demand.
The Median Days Homes are On the Market is 30, showing that homes are selling relatively quickly in this market. A lower number of days on the market typically indicates a more competitive market with high demand.
The List to Sold Price Percentage is 93.3%, meaning that homes are selling for about 93.3% of their original list price on average. This could indicate that sellers are willing to negotiate on price to make a sale.
Finally, the Median Sold Price is $545,250, giving us an idea of the average price at which homes are selling in this market. This metric can be useful for both buyers and sellers to understand the overall pricing trends in the area.
Overall, these metrics suggest that there is a healthy level of activity in the real estate market, with homes selling relatively quickly and for close to their list price. The increase in inventory compared to the previous year may provide more options for buyers, while sellers may need to be strategic in pricing their homes competitively.
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.
