When looking at these real estate metrics, we can see a correlation between them that can give insight to both buyers and sellers in the current market.
First, let’s look at the Months Supply of Inventory, which is currently at 7.06. This number represents how long it would take for all the current homes on the market to sell at the current pace of sales. A lower number typically indicates a seller’s market, where there is high demand for homes and not enough supply.
The 12-Month Change in Months of Inventory is showing a +9.8% increase, which means there is more inventory available compared to the previous year. This could indicate a shift towards a more balanced market, where buyers have more options to choose from.
The Median Days Homes are On the Market is 42, which indicates that homes are selling relatively quickly. This could be due to the high demand and competitive market conditions.
The List to Sold Price Percentage is at 97.1%, which means that homes are selling close to their listing price. This shows that sellers are pricing their homes effectively and buyers are willing to pay close to the asking price.
Lastly, the Median Sold Price is $445,000, which gives an idea of the average price of homes that are selling in the current market.
Overall, these metrics suggest that it is a fairly balanced market with a decent amount of inventory and homes selling quickly at close to their listing price. Buyers may have more options to choose from, while sellers are still able to sell their homes at a good price. It’s important for both buyers and sellers to stay informed on these metrics to make informed decisions in 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.
