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When analyzing the real estate market, it is important to consider various metrics that can provide valuable insights into current trends and conditions.
First, let's look at the monthly supply of Inventory, which is currently at 2.04. This metric represents the number of months it would take to sell all the current listings on the market at the current sales pace. A lower month's supply indicates a seller's market, while a higher month's supply indicates a buyer's market. In this case, with a relatively low monthly supply of 2.04, we can infer that there is a high demand for homes in this market.
The 12-month Change in Months of Inventory is also a key metric to consider, and in this case, it is showing a +3.03% increase. This indicates that there has been a slight increase in the number of months it would take to sell all current listings compared to the previous year. While this increase is relatively small, it is still worth noting as it could potentially impact pricing and market dynamics.
Moving on to the Median Days Homes are On the Market, which is currently at 15 days. This metric measures how long it takes for a home to sell once it is listed. A lower number of days on the market typically indicates a fast-moving market with high demand. In this case, with homes selling in just 15 days, it is clear that properties are moving quickly in this market.
The List to Sold Price Percentage is another important metric to consider, and at 98.9%, it indicates that homes in this market are selling very close to their list price. This suggests that sellers are pricing their homes competitively and buyers are willing to pay close to the asking price.
Lastly, the Median Sold Price in this market is $360,000. This metric provides an overall snapshot of the average selling price of homes in the market. With a median sold price of $360,000, it is clear that this market is within a certain price range that is attractive to buyers.
In conclusion, when considering all these metrics together, we can see that this real estate market is currently experiencing high demand, with homes selling quickly and close to their list price. However, the slight increase in the month's supply of inventory compared to the previous year is something to keep an eye on, as it could potentially affect market dynamics in the future. Buyers and sellers should be aware of these metrics when making decisions in this market.
If you are in the market to buy or sell your home. contact us today at
(864) 608-3236.
