Let’s dive into the exciting world of real estate metrics and see how they all tie together to give us a comprehensive picture of the current market trends.
First up, we have the Months Supply of Inventory, which is currently sitting at a low 1.79. This means that there is a limited supply of homes on the market, which can create a sense of urgency among buyers looking to make a purchase.
Next, we have the 12-Month Change in Months of Inventory, which has seen a significant increase of +22.6%. This indicates that the market is becoming slightly more balanced, with a slightly higher supply of homes compared to previous months.
The Median Days Homes are On the Market is a speedy 42 days, showing that homes are selling relatively quickly in this market. This could be due to the low inventory and high demand, driving up competition among buyers.
The List to Sold Price Percentage is an impressive 99.4%, indicating that sellers are typically able to sell their homes very close to their asking price. This could be a result of the competitive market and high demand for homes.
Lastly, the Median Sold Price in this market is $447,000. This gives us a good idea of the average price point for homes in this area, which can be helpful for both buyers and sellers in determining their budget or listing price.
Overall, these metrics paint a picture of a market with limited inventory, high demand, and quick sales. Buyers may need to act fast and be prepared to make competitive offers, while sellers may find themselves in a strong position to sell quickly and close to their asking price. It’s an exciting time in the real estate world, so stay tuned for more updates on market trends!
