Low Supply of Homes For Sale!
Whether you're a buyer or a seller, these numbers are going to help you understand the current real estate market. Let's dive right into the correlation between these metrics and what they mean for you.
The Months Supply of Inventory, which currently stands at a very low 1.34. What does this mean? It tells us how long it would take to sell all the available homes on the market, given the current sales pace. A lower number like this indicates a strong seller's market, where demand is high and supply is limited. This is great news for sellers as it means your property is in high demand and could potentially sell quickly. Wondering what your home is worth?
We also have the 12-Month Change in Months of Inventory which shows a big decrease of 23.86%. This drop suggests that the market is becoming even more competitive for buyers. With fewer homes available, buyers may need to act fast and make strong offers if they want to secure their dream home. Sellers, on the other hand, can expect increased competition and potentially higher sale prices. As a buyer how do you buy smart?
Let's explore the List to Sold Price Percentage, which currently stands at 101.1%. This metric signifies that, on average, homes are selling for 1.1% above their listed price. This increase demonstrates a strong demand for properties, as buyers are willing to pay a premium to secure their desired homes.
Last we have the Median Sold Price, which sits at $1,070,000. This figure represents the middle price point of homes sold, indicating a flourishing real estate market. A higher median sold price shows the value and desirability of properties in the area. Even though we did had a brief decline in prices we are starting to head back up again.
The low Months Supply of Inventory suggests a seller's market, while the decrease in the 12-Month Change in Months of Inventory further emphasizes the rising demand. This demand is evident in the short "Median Days Homes are On the Market," indicating a fast-paced and competitive environment.
The strong competition is reinforced by the List to Sold Price Percentage, which shows buyers are willing to pay above the listed price to secure their dream homes. This high demand ultimately drives up the Median Sold Price, highlighting the increasing value of properties in the market.
Conclusion
Even though mortgage rates have been rising the past 12 months, these real estate metrics paint a clear picture of a thriving and competitive market. Sellers can benefit from the high demand and potentially secure a higher selling price, while buyers should be prepared to act swiftly and make competitive offers to secure their desired homes. As always, if you would like market data for your county, city, or neighborhood just reach out and I will send it to you.
