As a potential buyer or seller in the current real estate market, it is crucial to understand the correlation between various key metrics to make informed decisions.
First, let’s look at the Months Supply of Inventory, which currently stands at 5.19. This metric indicates how long it would take for all the current homes on the market to be sold at the current sales pace. A lower number typically suggests a seller’s market, while a higher number indicates a buyer’s market.
The 12-Month Change in Months of Inventory is +108.43%, showing a significant increase in the supply of homes compared to the previous year. This could potentially mean more options for buyers but also increased competition for sellers.
The Median Days Homes are On the Market is 39, indicating that homes are selling relatively quickly in this market. This could be due to high demand or competitive pricing strategies by sellers.
The List to Sold Price Percentage is 95.7%, suggesting that homes are generally selling close to their list price. This could mean that sellers are pricing their homes effectively or that buyers are willing to pay close to the asking price.
Finally, the Median Sold Price is $531,000, giving buyers and sellers a benchmark to gauge the value of properties in the market. This figure can help guide pricing strategies for sellers and negotiation tactics for buyers.
Overall, these metrics paint a picture of a balanced real estate market with moderate inventory levels, relatively quick sales, and homes selling close to their asking prices. Buyers may have more options to choose from, while sellers may need to carefully consider pricing strategies to attract buyers. Keeping an eye on these metrics can help both buyers and sellers make informed decisions in today’s real estate market.