As a potential buyer or seller in the current real estate market, it is important to understand the correlation between key metrics that can impact your decision-making process.
First, let's look at the Months Supply of Inventory, which stands at 10.36. This metric represents how long it would take to sell all the current listings on the market based on the current sales pace. A lower number indicates a seller's market, while a higher number indicates a buyer's market.
The 12-Month Change in Months of Inventory has increased by +55.09%, indicating a shift towards a buyer's market. This means there is more inventory available for buyers to choose from, which could lead to more negotiating power.
The Median Days Homes are On the Market is 30, indicating that properties are selling relatively quickly. This could be attributed to the competitive market conditions or the attractiveness of the properties being listed.
The List to Sold Price Percentage is at 94.4%, suggesting that homes are typically selling close to their listing price. This could be a result of strong demand or well-priced listings.
Finally, the Median Sold Price is $95,000, providing insight into the average price that homes are selling for in the current market. This information can be valuable for both buyers and sellers in determining their pricing strategy.
Overall, these metrics paint a picture of a market that is experiencing increased inventory levels, relatively quick sales, and homes selling close to their listing prices. Buyers may have more options to choose from, while sellers may need to be strategic in pricing their properties competitively. It is essential to stay informed and work with a knowledgeable real estate professional to navigate these market conditions effectively.
Comments