Let's dive into the exciting world of real estate metrics and see how they all tie together!
First up, we have the Months Supply of Inventory, which currently stands at 3.09. This number represents how long it would take for all the current listings on the market to sell, given the current pace of sales. A lower number indicates a seller's market, while a higher number indicates a buyer's market.
Next, the 12-Month Change in Months of Inventory has seen a significant increase of +46.45%. This means that there are more homes on the market compared to the previous year, giving buyers more options to choose from.
Next, the Median Days homes are On the Market, which is 29, shows how quickly homes are selling in the current market. A lower number suggests high demand, while a higher number may indicate slower sales.
Moving on to the List to Sold Price Percentage, which is at 89.5%. This metric reveals how close sellers are getting to their asking price when their home sells. A higher percentage means sellers are getting closer to their desired price.
Lastly, the Median Sold Price is $323,304. This is the midpoint of all the home prices that have sold in a given period. It gives both buyers and sellers an idea of the current market value of homes.
So, how do all these metrics correlate? Well, with a low Months Supply of Inventory and a high List to Sold Price Percentage, it suggests a competitive market where homes are selling quickly and at close to asking price. The increase in Months of Inventory indicates a shift towards a more balanced market, giving buyers more negotiating power.
Overall, these metrics paint a picture of a dynamic real estate market with opportunities for both buyers and sellers. Stay informed, stay engaged, and make the most of the current market conditions. Happy buying and selling!
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