Let’s dive into the real estate market data to understand the correlation between these key metrics.
First, let’s look at the Months Supply of Inventory, which is currently at 3.52. This indicates the number of months it would take to sell all the current inventory of homes on the market at the current sales pace. A lower number typically indicates a seller’s market, where demand exceeds supply.
Next, the 12-Month Change in Months of Inventory is -7.85%, showing a decrease in the supply of homes over the past year. This could suggest increased demand or a tightening of inventory in the market.
The Median Days Homes are On the Market is 60, which reflects the average number of days it takes for a home to sell. A lower number may indicate a faster-moving market with high demand.
The List to Sold Price Percentage is 96.3%, which represents the percentage of the listing price that homes are actually selling for. This high percentage suggests that homes are generally selling close to their asking price.
Lastly, the Median Sold Price is $565,000, giving us an idea of the average price at which homes are selling in the market. This can be a helpful indicator for both buyers and sellers to understand pricing trends.
Overall, these metrics suggest a market with relatively low inventory, high demand, and homes selling close to their asking price. Buyers may face competition in this market, while sellers may benefit from favorable selling conditions. It’s important for both buyers and sellers to stay informed about these metrics to make well-informed decisions in the real estate 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.
