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The current real estate market is showing a strong correlation between several key metrics. The Months Supply of Inventory is at a low 2.58, indicating a high demand for homes compared to the available supply. This low supply is likely contributing to the Median Days Homes are On the Market being just 40 days, as buyers are eager to snatch up properties quickly.
Additionally, the 12-Month Change in Months of Inventory has decreased by a significant -19.38%, showing a trend of decreasing inventory levels over the past year. This decrease in supply is likely driving up prices, as evidenced by the List to Sold Price Percentage being at a high 107.1%. Sellers are able to command prices above their listing price, indicating a competitive market.
Furthermore, the Median Sold Price of $1,350,000 is reflective of the strong demand and limited supply in the current market. Buyers should be prepared for competitive bidding situations and potentially higher prices due to the low inventory levels. The Median Estimated value is $1,212,910.
Overall, these metrics paint a picture of a market that is favorable for sellers due to high demand and low supply. Buyers should be prepared to act quickly and potentially pay above asking price in order to secure a property in this competitive market.
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