1. Months Supply of Inventory (MSI):
Currently, the MSI is 8.49, meaning it would take just over eight months to sell all homes on the market at the current sales pace. This suggests an increasing availability of homes for buyers.
2. 12-Month Change in Months of Inventory:
There’s been a significant increase of +124.6% in the MSI compared to last year. This indicates that the inventory of homes has grown considerably, signaling a shift towards a more buyer-friendly market.
3. Median Days on Market:
Homes are selling within 40 days on average, a relatively fast pace. This might suggest high demand or competitive pricing strategies.
4. List to Sold Price Percentage:
At 98.3%, homes are typically selling very close to their asking price. Sellers appear to be pricing accurately, and buyers are willing to meet those prices, indicating healthy competition.
5. Median Sold Price:
The median sold price stands at $506,000, providing a solid benchmark for the value of homes in the market.
In summary, the market shows a balance between supply and demand. Sellers are able to move properties relatively quickly and close to their list price, while buyers have a wide range of options at competitive prices.
