As a buyer in today’s real estate market, it is important to understand the correlation between key metrics to make informed decisions.
The Months Supply of Inventory, which currently stands at 2.86, indicates the number of months it would take to sell all the homes on the market if no new listings were added. A lower number typically signifies a seller’s market, where demand exceeds supply.
The 12-Month Change in Months of Inventory has increased by +3.25%, suggesting a slight shift towards a more balanced market. This could mean more options for buyers and potentially less competition.
The Median Days Homes are On the Market is 61, indicating that homes are selling relatively quickly. This could be due to high demand and low inventory levels.
The List to Sold Price Percentage is 99.3%, showing that homes are selling very close to their listing price. This could mean that sellers are pricing their homes competitively and that buyers may need to act fast to secure a property.
Lastly, the Median Sold Price is $309,900, giving buyers an idea of the average price point in the market. It’s important to consider this when setting a budget and making offers on properties.
Overall, these metrics suggest a market where inventory levels are relatively low, homes are selling quickly, and prices are holding steady. Buyers should be prepared to act fast and work closely with their real estate agent to navigate the current market conditions.
