Welcome buyers and sellers! Today, we are going to dive into the fascinating world of real estate metrics and explore the correlations between them. So, grab a cup of coffee, sit back, and let’s get started!
First, let’s talk about the “Months Supply of Inventory.” This metric tells us how many months it would take to sell the current inventory of homes on the market, assuming no new listings are added. In our case, the Months Supply of Inventory stands at 3.54. This means that if no new homes were listed, it would take approximately 3.54 months to sell all the existing homes.
Now, let’s move on to the “12-Month Change in Months of Inventory,” which shows us the percentage change in the supply of homes over the past year. And boy, do we have an interesting number here! The 12-Month Change in Months of Inventory is a whopping +42.74%. This indicates a significant increase in the number of homes available for sale compared to the previous year.
Next up, we have the “Median Days Homes are On the Market.” This metric gives us an idea of how long it takes for a home to sell once it’s listed. In our market, homes typically spend about 28 days on the market before finding their lucky new owners. This is a great indicator of a healthy real estate market where homes are selling relatively quickly.
Now, let’s talk about the “List to Sold Price Percentage.” This metric reveals the percentage of the original listing price for which homes are ultimately sold. In our case, the List to Sold Price Percentage stands at a strong 97.3%. This means that, on average, sellers are achieving almost their entire asking price when selling their homes. It’s a win-win situation for both buyers and sellers!
Last but not least, let’s discuss the “Median Sold Price.” This metric represents the middle price point of all the homes sold in a given period. In our market, the Median Sold Price is a respectable $345,000. This tells us that there is a wide range of homes available at various price points, catering to different budgets and preferences.
Now that we have explored these real estate metrics, let’s connect the dots and uncover their correlations. The high Months Supply of Inventory, combined with the substantial increase in the past year, suggests that the market may be shifting towards a buyer’s market. However, the relatively low Median Days Homes are On the Market and the strong List to Sold Price Percentage indicate that there is still healthy demand from motivated buyers.
Furthermore, the Median Sold Price of $345,000 indicates that there is a diverse range of homes available, catering to different price points. This ensures that both buyers and sellers can find suitable options in the market.
In conclusion, these real estate metrics paint an intriguing picture. While the supply of homes has increased, indicating a shift towards a buyer’s market, the market remains active and competitive. Sellers are achieving close to their asking prices, and homes are selling relatively quickly. With a diverse range of homes available at different price points, there is something for everyone in this dynamic real estate market.
So, whether you’re a buyer or a seller, take advantage of these market conditions and seize the opportunities that await you in the exciting world of real estate!