In this month's edition, we're diving deep into the real estate metrics that define our current market landscape. Understanding these dynamics is crucial for both buyers and sellers, as it illuminates trends and opportunities within the industry. Let's explore these key metrics together and shed light on what they mean for you.
1. Months Supply of Inventory:
Sitting at a promising figure of 3.13, this indicator shows us the pace at which the market is moving. For sellers, a number this low highlights a favorable scenario, implying that demand is surpassing supply, potentially leading to higher property prices.
2. 12-Month Change in Months of Inventory:
Witnessing a decrease of 3.4% over the past year signals a tightening market. Sellers can rejoice, knowing that the dwindling supply bolsters the value of their listings, making now an opportune time to sell.
3. Median Days on Market:
With homes averaging just 48 days on the market, this brisk turnover rate is indicative of a market teeming with eager buyers. This is a vital insight for sellers contemplating the timing of their sale.
4. List to Sold Price Percentage:
Achieving an average of 96.2% of the listing price underscores the market's strength, where sellers are in a strong position to negotiate prices very close to their initial expectations.
5. Median Sold Price:
The current median sold price stands at an impressive $570,000, reflecting the market's robust health and the potential for property appreciation.
The Market Outlook:
The confluence of a low supply of inventory, a steady decrease in months of inventory, quick sales, sellers achieving near-list prices, and rising median sold prices paints a picture of a vibrant market. For sellers, the conditions are ripe to achieve favorable outcomes. Buyers, while facing competition, can still find solace in investing in a market showing healthy growth.
Your Next Steps:
Whether you're considering selling your property or embarking on the journey to homeownership, staying informed is key.
Sellers: Thinking about listing your property? Request a Comprehensive Market Analysis (CMA) of your property to understand its value in today's market.
Buyers: Ready to find your dream home? Schedule a consultation with us to explore your options and navigate this competitive landscape.
We're here to provide you with the insights and guidance you need to make informed decisions. Let's make your real estate goals a reality.
Argentina Leyva, REALTOR®