Hello Buyers and Sellers! Let's dive into the exciting world of real estate metrics and see how they all correlate to give us a better understanding of the current market trends.
First up, we have the Months Supply of Inventory which is at 7.88. This tells us how long it would take to sell all the current inventory at the current sales pace. With this number, we can see that there is a healthy balance between supply and demand in the market.
Next, we have the 12-Month Change in Months of Inventory which is showing a significant increase of +55.73%. This indicates that there has been an increase in the amount of available inventory compared to the previous year. This could potentially lead to more options for buyers, but also more competition for sellers.
Moving on to the Median Days Homes are On the Market, which is at 51. This gives us an idea of how quickly homes are selling in the current market. A lower number indicates a faster-paced market, while a higher number suggests a slower one. In this case, homes are selling at a moderate pace.
The List to Sold Price Percentage is at 96.9%, showing that homes are typically selling very close to their list price. This is good news for sellers as it suggests that they are pricing their homes accurately and buyers are willing to pay close to the asking price.
Lastly, the Median Sold Price is $124,500. This gives us a snapshot of the average price at which homes are selling in the market. This number can be used as a reference point for both buyers and sellers when making decisions.
Overall, these metrics paint a picture of a balanced market with moderate inventory levels, homes selling at a reasonable pace, and prices holding steady. Whether you are looking to buy or sell, it's important to keep these numbers in mind and work with a real estate professional who can help guide you through the process. Happy house hunting!
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