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Once Again we are in a seller’s market.
In the current real estate market, there is a strong correlation between the low Months Supply of Inventory, the significant decrease in the 12-Month Change in Months of Inventory, the relatively short Median Days Homes are On the Market, the high List to Sold Price Percentage, and the high Median Sold Price.
With a Months Supply of Inventory at 3, this indicates that there is a low supply of homes available for sale in the market. This scarcity of inventory can create a sense of urgency among buyers, leading to quicker sales and potentially higher prices.
The 12-Month Change in Months of Inventory decreasing by -26.83% further emphasizes the tightening of the housing market. This decrease indicates that the supply of homes for sale has been diminishing over the past year, adding to the competitive nature of the market.
The Median Days Homes are On the Market being at 29 days highlights the fast-paced nature of the market. Homes are selling relatively quickly, which can be advantageous for sellers looking to make a swift sale.
The List to Sold Price Percentage being at 101.4% suggests that on average, homes are selling for slightly above their list price. This indicates that there is strong demand for homes in the market, potentially driving up prices. We have been experiencing bidding wars with some houses selling way over listing price.
Lastly, the high Median Sold Price of $2,305,000 reflects the overall strength of the market. With low inventory, quick sales, and high list to sold price percentages, sellers may have the opportunity to command higher prices for their properties.
In conclusion, these real estate metrics point towards a competitive market with limited inventory, quick sales, and potentially higher prices. Buyers may need to act swiftly, while sellers may find themselves in a favorable position to capitalize on the current market conditions.
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