Let’s break down some real estate metrics to understand how they are correlated and what they mean for buyers and sellers in Wyandotte.
First, let’s look at the Months Supply of Inventory, which is at 0.67. This metric tells us how many months it would take to sell all the current inventory of homes on the market. A lower number indicates a seller’s market, where there is high demand and limited supply.
Next, we see that the 12-Month Change in Months of Inventory is -25.56%. This means that the supply of homes on the market has decreased significantly over the past year, further indicating a seller’s market.
The Median Days Homes are On the Market is 19, which shows that homes are selling quickly. This is good news for sellers as it indicates a high demand for properties.
The List to Sold Price Percentage is 96.9%, meaning that on average, homes are selling for 96.9% of their listing price. This shows that sellers are getting close to their asking price, which is a positive sign for them.
Finally, the Median Sold Price is $184,900. This gives us an idea of the average price at which homes are selling in Wyandotte.
Overall, these metrics paint a picture of a competitive real estate market with high demand and limited supply. Sellers can expect to sell their homes quickly and close to their asking price, while buyers may need to act fast and be prepared to make strong offers. It’s important for both buyers and sellers to stay informed about market trends and work with a knowledgeable real estate agent to navigate the current conditions effectively.