As buyers and sellers, it is essential to understand the correlation between various real estate metrics in order to make informed decisions in the market. Let's delve into the data and explore the relationships between these metrics.
Firstly, the Months Supply of Inventory is a crucial indicator in real estate. It represents the number of months it would take to sell all current listings if no new properties were added to the market. In this case, the Months Supply of Inventory is 1.88. This low number indicates a tight market, with limited inventory available for buyers.
Now, let's examine the 12-Month Change in Months of Inventory, which stands at +6.21%. This increase signifies a rise in the supply of homes over the past year. While the overall market remains tight, this uptick suggests that more properties have become available, offering buyers a wider range of options.
Moving on, the Median Days Homes are On the Market is a noteworthy metric. At just 11 days, it signifies a fast-paced market where homes are selling quickly. This short timeframe implies high demand and competition among buyers. Sellers can take advantage of this trend, as it indicates a potential for faster sales.
Now, let's consider the List to Sold Price Percentage, which is 97.3%. This metric reveals the percentage of the listing price that homes are ultimately sold for. A high percentage like this indicates that sellers are receiving close to their asking price. It implies that buyers are willing to pay a significant portion of the list price, potentially due to the limited inventory and high demand mentioned earlier.
Lastly, the Median Sold Price is $429,900. This figure represents the middle point of all homes sold in the market. It provides a snapshot of the overall price range in the area. Buyers can use this information to gauge the affordability of the market, while sellers can assess the potential value of their properties.
In summary, these real estate metrics are interconnected, providing valuable insights for both buyers and sellers. The low Months Supply of Inventory and short Median Days Homes are On the Market highlight a competitive market with limited options for buyers. However, the increase in the 12-Month Change in Months of Inventory suggests a slight improvement in supply. The high List to Sold Price Percentage indicates strong demand, while the Median Sold Price provides an overview of the market's price range. By understanding these correlations, buyers and sellers can navigate the real estate market more effectively.