When looking at these real estate metrics, we can see a correlation between the Months Supply of Inventory, the Median Days Homes are On the Market, and the List to Sold Price Percentage.
The Months Supply of Inventory is a measure of how many months it would take to sell all the current homes on the market, given the current sales pace. In this case, the Months Supply of Inventory is 3.33, which indicates a balanced market where supply and demand are relatively equal.
The 12-Month Change in Months of Inventory is +50.68%, showing an increase in inventory over the past year. This could potentially lead to a more competitive market for sellers, as there are more homes available for buyers to choose from.
The Median Days Homes are On the Market is 31, which is relatively low and indicates that homes are selling quickly in this market. This could be due to high demand and limited inventory, leading to a faster turnover of properties.
The List to Sold Price Percentage is 99.5%, meaning that on average, homes are selling for 99.5% of their list price. This shows that sellers are pricing their homes effectively and buyers are willing to pay close to the asking price.
Lastly, the Median Sold Price is $350,000, giving us an idea of the average price of homes in this market. This can help both buyers and sellers understand the pricing trends and make informed decisions.
Overall, these metrics paint a picture of a competitive real estate market with limited inventory, fast turnover of homes, and strong pricing. Buyers and sellers should be prepared for a fast-paced market with potential bidding wars and close-to-list price offers.
