By: April Creech, GRI, C2EX
Let's break down these real estate metrics to understand how they correlate and what they mean for both buyers and sellers in the current market.
First, let's look at the monthly supply of Inventory, which is at 1.8. This number indicates how many months it would take to sell all the current inventory of homes on the market if no new listings were added. A lower number like 1.8 suggests a seller's market, where demand is high and supply is limited.
Next, we see that the 12-Month Change in Months of Inventory is -21.05%. This decrease in inventory over the past year means that there are fewer homes available for sale, further reinforcing the idea of a seller's market.
The Median Days Homes are On the Market is 37, which is relatively low. This indicates that homes are selling quickly, likely due to high demand and limited supply.
The List to Sold Price Percentage is 95.3%, showing that homes are typically selling very close to their list price. This can be a helpful metric for sellers to set realistic pricing expectations.
Finally, the Median Sold Price is $201,250. This gives both buyers and sellers an idea of the current market value of homes in the area.
Overall, these metrics paint a picture of a competitive real estate market with limited inventory, quick sales, and homes selling close to their asking price. Buyers may need to act fast and be prepared to make strong offers, while sellers may find themselves in a good position to sell quickly and potentially receive offers close to their asking price. It's always important to work with a knowledgeable real estate agent who can help navigate these market conditions effectively.
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