As a real estate professional, it is essential to understand the correlation between key metrics to provide valuable insights to both buyers and sellers in the market.
The current Months Supply of Inventory stands at 2.22, indicating a relatively low supply of homes on the market compared to the demand. This could potentially lead to a competitive market environment with limited options for buyers.
The 12-Month Change in Months of Inventory is at +85%, suggesting a significant increase in the availability of homes for sale compared to the previous year. This rise in inventory could potentially provide more options for buyers and lead to a more balanced market in the coming months.
The Median Days Homes are On the Market is 28, indicating that homes are selling relatively quickly in the current market. This quick turnover could be attributed to the low inventory levels and high demand.
The List to Sold Price Percentage is at 99.1%, showing that homes are selling very close to their listing price. This high percentage suggests that sellers are pricing their homes effectively and buyers are willing to pay close to the asking price.
Lastly, the Median Sold Price is $387,000, reflecting the average price at which homes are selling in the market. This price point provides valuable information for both buyers and sellers in determining their pricing strategies.
Overall, the correlation between these metrics indicates a dynamic real estate market with limited inventory, quick turnover, and strong pricing strategies. Buyers should be prepared for potential competition, while sellers can take advantage of the current market conditions to maximize their returns. It is crucial for both parties to stay informed and work closely with a knowledgeable real estate agent to navigate the market effectively.
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