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Hello, Buyers and Sellers! Let's dive into the exciting world of real estate metrics and see how they all correlate to give us a better understanding of the current market trends.
First up, we have the Months Supply of Inventory, which is currently at 2.78. This means that at the current sales pace, it would take 2.78 months to sell all the available homes on the market. A low number like this indicates a seller's market, where demand is high and supply is limited.
Next, we have the 12-Month Change in Months of Inventory, which has seen a significant increase of +54.44%. This suggests that inventory levels have been rising over the past year, potentially shifting towards a more balanced market where buyers have more options to choose from.
The Median Days Homes are On the Market is just 20 days, indicating that properties are selling quickly. This could be due to high demand, competitive pricing, or attractive features that are drawing in buyers.
The Sold to List Price Percentage is at a strong 98.8%, showing that homes are typically selling very close to their asking price. This is a positive sign for sellers, as it indicates that the market is competitive and buyers are willing to pay close to the listed price.
Lastly, the Median Sold Price stands at $437,500, giving us a snapshot of the average price that homes are selling for in the current market. This information can be helpful for both buyers and sellers in understanding the value of properties in the area.
Overall, these metrics paint a picture of a dynamic and active real estate market, with low inventory levels, quick sales, and strong prices. Whether you're looking to buy or sell, it's important to stay informed and work with a knowledgeable real estate professional to navigate these trends effectively. Happy house hunting!
