Let’s break down these real estate metrics to see how they are correlated and what they mean for buyers and sellers in the current market.
First, we have the Months Supply of Inventory, which is currently at 2.82 months. This metric represents how long it would take to sell all the current homes on the market at the current sales pace. A lower number indicates a seller’s market, where demand is high and supply is low.
Next, we have the 12-Month Change in Months of Inventory, which has increased by +6.82%. This means that inventory levels have gone up over the past year, potentially signaling a shift towards a more balanced market or even a buyer’s market.
The Median Days Homes are On the Market is 52 days, which is a measure of how long it takes for a home to sell once it is listed. A lower number indicates a fast-moving market, while a higher number may suggest that homes are taking longer to sell.
The List to Sold Price Percentage is 97.5%, which means that homes are typically selling for 97.5% of their list price. This can give sellers an idea of how much negotiating room they may have when pricing their home.
Finally, the Median Sold Price is $414,284, which represents the middle price point of all homes sold in the area. This can give buyers and sellers an idea of the overall market value of homes in the area.
Overall, these metrics suggest that the market is currently in a healthy state, with relatively low inventory levels, a moderate increase in supply, and homes selling close to their list price. Buyers may need to act quickly in this competitive market, while sellers may still have some room to negotiate. It’s always a good idea to consult with a real estate professional to get a more detailed analysis tailored to your specific situation.
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.
