As a real estate professional, it is important to understand the correlation between various metrics in the market to help buyers and sellers make informed decisions.
Starting with the Months Supply of Inventory, which is currently at 8.49, this indicates the number of months it would take to sell all available homes on the market if no new listings were added. A lower supply typically indicates a seller’s market, while a higher supply suggests a buyer’s market.
The 12-Month Change in Months of Inventory has seen a significant increase of +124.6%. This indicates a shift towards a more balanced market, with more inventory available for buyers to choose from.
The Median Days Homes are On the Market is 40, which shows that homes are selling relatively quickly in this market. This could be due to a combination of factors such as high demand and competitive pricing.
The List to Sold Price Percentage is 98.3%, which means that homes are typically selling for close to their list price. This suggests that sellers are pricing their homes effectively and buyers are willing to pay close to the asking price.
Lastly, the Median Sold Price is $506,000, which gives us an idea of the average price of homes that are selling in this market. This can be used as a benchmark for both buyers and sellers to understand current market values.
In conclusion, these real estate metrics show a market that is in transition, with increasing inventory levels but still strong demand leading to quick sales and homes selling close to their asking price. Buyers and sellers should consider these factors when making decisions in this market.
