Let’s break down these real estate metrics and see how they are correlated.
First, the Months Supply of Inventory is 2.77, which indicates that there is a relatively low supply of homes on the market compared to the demand from buyers. This means that homes are selling quickly and there is fierce competition among buyers.
Next, the 12-Month Change in Months of Inventory is +6.95%. This shows that the supply of homes on the market has increased over the past year, which could potentially lead to a more balanced market in the future as more inventory becomes available.
The Median Days Homes are On the Market is 59, which is a relatively short amount of time. This indicates that homes are selling quickly once they are listed, further supporting the idea of high demand and low inventory.
The List to Sold Price Percentage is 97.5%, which means that homes are typically selling very close to their listing price. This shows that sellers are pricing their homes accurately and buyers are willing to pay close to the asking price.
Lastly, the Median Sold Price is $400,000, which gives us an idea of the average price point in the market. This price, combined with the other metrics, suggests that the market is strong and homes are in demand.
Overall, these metrics paint a picture of a competitive real estate market with low inventory, quick sales, and strong prices. Buyers may need to act fast and be prepared to make competitive offers, while sellers may benefit from pricing their homes accurately and being prepared for a potentially quick sale.
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.
