Let’s break down these real estate metrics to see how they are correlated and what they mean for both buyers and sellers in the current market.
First, let’s look at the Months Supply of Inventory, which is at 1.04. This metric tells us how many months it would take to sell all the current inventory of homes on the market. A lower number like 1.04 indicates a seller’s market, where there is high demand for homes compared to the available supply.
The 12-Month Change in Months of Inventory is -16.13%. This means that there has been a significant decrease in the number of months it would take to sell all the homes on the market compared to a year ago. This further reinforces the idea of a strong seller’s market.
Next, we have the Median Days Homes are On the Market at 20. This metric tells us how quickly homes are selling once they are listed. A low number like 20 days indicates that homes are selling quickly, which is another indicator of a seller’s market.
The List to Sold Price Percentage is at 102%, which means that on average, homes are selling for 2% above their listing price. This shows that buyers are willing to pay more to secure a home in a competitive market.
Lastly, the Median Sold Price is $593,500. This is the middle point of all the home prices sold in the area, indicating the market’s average price point. Sellers can use this information to gauge what they might expect to sell their home for, while buyers can use it to understand the market value of homes in the area.
Overall, these metrics paint a picture of a strong seller’s market with low inventory, quick sales, and homes selling above listing price. Buyers should be prepared to act fast and potentially offer above asking price, while sellers can expect to see their homes sell quickly and potentially for a higher price.