Let's break down the real estate metrics to understand their correlation and what they mean for buyers and sellers in the current market.
First, the Months Supply of Inventory is at 1.31, which indicates a low supply of homes relative to the current demand. A low months supply of inventory typically leads to higher prices and increased competition among buyers.
The 12-Month Change in Months of Inventory has increased by +36.46%, showing that the inventory levels have gone up significantly over the past year. This could be a sign of a shifting market with more options for buyers and potentially less competition.
The Median Days homes are On the Market is only 9, indicating that homes are selling quickly in this market. This quick turnover could be due to the low inventory levels and high demand from buyers.
The List to Sold Price Percentage is at 99.3%, showing that homes are selling very close to their listing price. This suggests that sellers are pricing their homes accurately and that buyers are willing to pay close to asking price.
Lastly, the Median Sold Price is $335,000, giving buyers and sellers an idea of the average price of homes in this market. This figure can help both parties determine their budget and pricing strategy.
Overall, these metrics paint a picture of a fast-paced market with low inventory levels, high demand, and homes selling quickly at close to asking price. Buyers may face competition and need to act fast, while sellers may benefit from pricing their homes accurately to attract motivated buyers. It's important for both buyers and sellers to stay informed and work with a real estate professional to navigate this dynamic market successfully.
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