July 2024 Century Village Market Update

Let's break down these real estate metrics to understand how they are correlated and what they mean for both buyers and sellers in today’s market.

First, let's look at the Months Supply of Inventory, which is at 7.88. This metric indicates how long it would take to sell all the current homes on the market if no new listings were added. A lower number typically signifies a seller's market, while a higher number indicates a buyer's market.

Next, we have the 12-Month Change in Months of Inventory, which is at +45.66%. This means that the supply of homes on the market has increased significantly over the past year. A rising inventory could potentially lead to lower prices as sellers compete for buyers.

The Median Days Homes are On the Market is 109, which shows the average number of days it takes for a home to sell. A higher number suggests that homes are staying on the market longer, which could be due to pricing or other factors.

The List to Sold Price Percentage is 95.9%, indicating that homes are typically selling for about 95.9% of their listing price. This metric can give sellers an idea of how much negotiation room they may have when pricing their home.

Lastly, the Median Sold Price is $122,000, which is the middle point of all the sold prices in the market. This figure can give buyers and sellers an idea of the current pricing trends in the area.

In summary, the increasing inventory and longer days on the market may indicate a shift towards a buyer's market, where buyers may have more options and negotiating power. However, the list-to-sold price percentage and median sold price can give sellers an idea of what to expect in terms of pricing. It's important for both buyers and sellers to consider these metrics when making decisions in the real estate market.