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December 2023 Century Village Market Update

Ladies and gentlemen, today we are going to dive into the fascinating world of real estate metrics. Now, I know what you're thinking - "Real estate metrics? How can that be interesting?" Well, hold onto your hats because we are about to uncover some captivating correlations that will surely keep you engaged and interested!

Let's start by looking at the Months Supply of Inventory, which currently stands at 6.32. This metric gives us an idea of how long it would take for all the available homes on the market to be sold, given the current rate of sales. A lower number suggests a seller's market, where demand exceeds supply, creating a sense of urgency among buyers.

Now, brace yourselves for a shocking revelation - the 12-Month Change in Months of Inventory has skyrocketed by a staggering 121.75%! This means that compared to the same period last year, there has been a significant increase in the amount of time it takes for houses to be sold. Buyers, take note - this could indicate that the market is shifting towards a buyer's market, where there is more supply than demand, giving you more options and potentially more negotiating power.

But wait, there's more! The Median Days Homes are On the Market is currently 60. This tells us the average number of days it takes for a home to be sold. Coupled with the increase in Months of Inventory, it suggests that homes are staying on the market for a bit longer than they used to. Sellers, this means you may need to be patient and strategic when it comes to pricing and marketing your property.

Now, let's talk numbers. The List to Sold Price Percentage is a solid 95.1%. This metric reveals the percentage of the listed price that homes are actually selling for. A higher percentage suggests that sellers are receiving offers close to their asking price. So, buyers, be prepared to negotiate wisely, and sellers, set your expectations accordingly.

Lastly, we have the Median Sold Price, which currently stands at $121,000. This metric gives us an idea of the midpoint of all the prices at which homes have been sold. It's important to note that this number can vary greatly depending on the location and type of property. So, buyers and sellers, do your research and consult with real estate professionals to understand the market trends specific to your area.

In conclusion, dear audience, these real estate metrics provide valuable insights into the current state of the market. The increase in Months of Inventory suggests a potential shift towards a buyer's market, while the Median Days on the Market indicates that homes are taking a bit longer to sell. Sellers, it's crucial to set realistic expectations, and buyers, seize this opportunity to explore your options. With a List to Sold Price Percentage of 95.1% and a Median Sold Price of $121,000, it's time to navigate the exciting and ever-changing world of real estate with confidence!

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