Let’s break down the correlation between these real estate metrics to give you a better understanding of the current market conditions.
First, let’s look at the Months Supply of Inventory, which is currently at 3.89. This number tells us how many months it would take to sell all the current inventory of homes on the market at the current pace of sales. A lower number typically indicates a seller’s market, where demand outweighs supply.
Next, we have the 12-Month Change in Months of Inventory, which is showing an increase of 12.43%. This means that inventory levels have been increasing over the past year, which could potentially lead to a shift towards a more balanced market or even a buyer’s market in the future.
The Median Days Homes are On the Market is 114, which tells us how long it takes, on average, for a home to sell once it’s listed. A longer time on the market could indicate that homes are priced too high or that there is less demand in the market.
The List to Sold Price Percentage is 95.4%, showing that homes are generally selling for 95.4% of their list price. This metric can give an indication of how willing sellers are to negotiate and how competitive the market is.
Lastly, the Median Sold Price is $1,522,500, which gives us an idea of the average selling price of homes in the area. This can help both buyers and sellers understand the current market value of properties.
Overall, these metrics paint a picture of a market with relatively low inventory, increasing supply, homes taking a bit longer to sell, a high list to sold price percentage, and a high median sold price. Buyers may need to act quickly in this competitive market, while sellers may want to price their homes strategically to attract buyers. It’s always a good idea to work with a real estate professional who can help navigate these market conditions effectively.
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.
