Let’s take a closer look at the real estate market data to understand how these metrics are correlated and what they mean for buyers and sellers.
First, let’s start with the Months Supply of Inventory, which is currently at 2.44. This metric represents how long it would take for all the current homes on the market to be sold, given the current sales pace. A lower number indicates a seller’s market, while a higher number indicates a buyer’s market. In this case, with a relatively low 2.44 months supply, it suggests that the market is favoring sellers.
Next, the 12-Month Change in Months of Inventory is +19.61%, indicating that the supply of homes on the market has increased over the past year. This could potentially shift the market towards a more balanced or even buyer-friendly market in the future.
The Median Days Homes are On the Market is 25, which is considered a relatively quick turnover time. This suggests that homes are selling quickly, possibly due to high demand and low inventory.
The List to Sold Price Percentage is 99.3%, indicating that homes are generally selling very close to their asking price. This could reflect strong competition among buyers and a tight market.
Lastly, the Median Sold Price is $530,000, giving us an idea of the average price at which homes are selling in the current market.
Overall, these metrics suggest a market that is currently favorable for sellers, with low inventory, quick turnover times, and homes selling close to their asking prices. However, the increase in inventory over the past year could potentially shift the market towards a more balanced or buyer-friendly environment in the future. Buyers and sellers should keep an eye on these trends to make informed decisions in the real estate market.
