As a professional in the real estate industry, it is important to understand the correlation between key metrics to make informed decisions when buying or selling a home.
The Months Supply of Inventory is a crucial metric that indicates the balance between supply and demand in the housing market. With a low 1.57 months supply of inventory, this suggests that there is a high demand for homes compared to the available supply. This can lead to a competitive market with potentially higher prices.
The 12-Month Change in Months of Inventory at +26.61% shows a significant increase in the supply of homes compared to the previous year. This could indicate a shift towards a more balanced market, potentially giving buyers more options and negotiating power.
The Median Days Homes are On the Market at 38 days suggests that homes are selling relatively quickly in this market. This could be attributed to high demand and competitive pricing.
The Sold to List Price Percentage at 100.2% indicates that homes are selling slightly above the listed price on average. This could be a result of multiple offers and bidding wars in a competitive market.
Lastly, the Median Sold Price of $440,000 gives buyers and sellers an idea of the average price of homes in this market. It is important to consider this median price when setting expectations for buying or selling a home.
Overall, these metrics paint a picture of a competitive market with high demand and potentially rising inventory levels. Buyers should be prepared for quick sales and potential bidding wars, while sellers may have the advantage of selling above list price. Keeping an eye on these metrics can help both buyers and sellers navigate the real estate market effectively.