Let’s dive into the current real estate market data to understand how these metrics are interconnected.
Firstly, the Months Supply of Inventory is at 4.98, which means that at the current pace of sales, it would take approximately 4.98 months to sell all the homes on the market. This indicates a balanced market where neither buyers nor sellers have a significant advantage.
The 12-Month Change in Months of Inventory is showing a positive trend of +16.08%. This means that there has been an increase in the number of months it would take to sell all the homes on the market compared to the previous year. This could signify a slight shift towards a more buyer-friendly market.
The Median Days Homes are On the Market is 101, indicating that homes are spending an average of 101 days on the market before being sold. This metric gives insight into the pace of the market and can help both buyers and sellers in setting their expectations.
The List to Sold Price Percentage is at 97.8%, meaning that homes are typically selling for 97.8% of their listed price. This data point can be useful for sellers to determine their pricing strategy and for buyers to gauge the competitiveness of the market.
Lastly, the Median Sold Price is $392,120, providing a snapshot of the average price at which homes are selling in the current market. This figure is crucial for both buyers and sellers to assess the value of properties and make informed decisions.
Overall, these metrics give a comprehensive view of the real estate market, helping buyers and sellers navigate through the buying and selling process with a better understanding of the current conditions.
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.
