Kandis Rausch, Real Estate Agent with eXp Realty

When it comes to the real estate market, understanding key metrics can provide valuable insights for both buyers and sellers. In this article, we will delve into several important metrics and explore their correlations. By examining Months Supply of Inventory, 12-Month Change in Months of Inventory, Median Days Homes are On the Market, List to Sold Price Percentage, and Median Sold Price, we can gain a comprehensive understanding of the current market dynamics.

1. Months Supply of Inventory: The Months Supply of Inventory currently stands at 1.92. This metric reflects the estimated time it would take to sell the existing inventory of homes, given the current sales pace. With a 1.92 months supply, the market is relatively balanced, providing buyers with a reasonable number of options while indicating a consistent demand.
2. 12-Month Change in Months of Inventory: The 12-Month Change in Months of Inventory has increased by 26.32%, signifying a notable market shift within the past year. This growth suggests an expanded inventory, potentially offering buyers a wider range of choices. Sellers should be mindful of increased competition resulting from this trend.
3. Median Days Homes are On the Market: The Median Days Homes are On the Market is currently at 34 days. This metric represents the average number of days it takes for a home to sell once listed. With a relatively short time frame, this indicates a strong demand and a competitive market. Sellers benefit from swift sales, while buyers need to act promptly when interested in a property.
4. List to Sold Price Percentage: The List to Sold Price Percentage currently stands at 98.4%. This percentage reflects the average amount that homes sell for in comparison to their initial listing price. A higher percentage indicates a robust market favoring sellers, as homes typically sell close to or at their asking price. However, negotiations can still occur, and individual outcomes may vary.
5. Median Sold Price: The Median Sold Price is $490,214, representing the middle point of all sold prices in the market. This metric provides an overview of the overall price range and serves as a valuable reference for both buyers and sellers. Sellers can set competitive and realistic asking prices based on this information, while buyers can assess market affordability.

Conclusion: By analyzing these key real estate metrics, we gain insights into the current market conditions. With a relatively balanced supply of inventory, increased options for buyers compared to the previous year, swift sales, and homes selling close to their asking prices, it is essential for both buyers and sellers to stay informed. By leveraging these metrics, individuals can make informed decisions and navigate the real estate market successfully.