Let’s break down these real estate metrics to understand how they correlate with each other.
First, let’s look at the Months Supply of Inventory, which is 3.96. This metric tells us how many months it would take to sell all the current inventory of homes on the market. A lower number indicates a seller’s market, where demand exceeds supply.
Next, we have the 12-Month Change in Months of Inventory, which is -7.26%. This negative percentage means that the inventory of homes for sale has decreased over the past year, indicating a tightening market.
The Median Days Homes are On the Market is 106, which tells us how long it takes for a home to sell on average. A lower number suggests a faster-moving market with high demand.
The List to Sold Price Percentage is 93.5%, indicating that homes are typically selling for 93.5% of their listing price. This percentage can give sellers an idea of how much negotiating power they have in the current market.
Lastly, the Median Sold Price is $1,791,395, giving us an idea of the average sale price of homes in the area. This high median price suggests a luxury market with high-end properties.
Overall, these metrics paint a picture of a competitive real estate market with low inventory, high demand, and homes selling close to their listing prices. Sellers may have the upper hand in negotiations, while buyers may need to act quickly to secure a property in this 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.
