Hello Buyers and Sellers!
Let’s dive into some exciting real estate metrics that can give us a glimpse into the current market trends.
First off, we have a very low Months Supply of Inventory at 1.18. This means that there are fewer homes available for sale compared to the demand from buyers. With such a low inventory, sellers may have the upper hand in negotiations.
The 12-Month Change in Months of Inventory is at -5.6%, indicating a decrease in the number of homes available for sale over the past year. This could potentially drive up prices as competition among buyers increases.
Homes are flying off the market quickly, with a median of only 7 days on the market. This rapid turnover suggests a high level of interest from buyers and a competitive selling environment.
The List to Sold Price Percentage is at a healthy 103.2%, meaning that on average, homes are selling for slightly above their list price. This could be a sign of strong buyer demand and competitive bidding.
Lastly, the Median Sold Price currently stands at $175,000. This gives us a snapshot of the average price at which homes are selling in the market.
Overall, these metrics paint a picture of a fast-moving and competitive real estate market. Sellers may find themselves in a favorable position with low inventory and high list to sold price percentages, while buyers should be prepared for quick decision-making and potentially bidding above asking prices.
Keep these metrics in mind as you navigate the real estate landscape, and remember to stay informed and nimble in this dynamic market. Happy buying and selling!