April 2024 Market Report 95821

The real estate market data for this particular area reveals some interesting correlations that both buyers and sellers should take note of. 

Firstly, the Months Supply of Inventory is at a low 1.22, indicating that there is a limited number of homes available for sale in the market. This tight inventory could potentially lead to increased competition among buyers, driving up prices.

The 12-Month Change in Months of Inventory has seen a significant increase of +38.64%, suggesting that the market may be shifting towards a more balanced state between supply and demand. This could result in a more favorable environment for both buyers and sellers.

The Median Days Homes are On the Market is an impressively low 4 days, indicating that properties are selling quickly in this market. This rapid turnover could be attributed to high demand and low inventory levels.

The List to Sold Price Percentage is at a strong 104.1%, indicating that homes are typically selling for above their listing price. This suggests that sellers may have the upper hand in negotiations and could potentially fetch a higher price for their properties.

Lastly, the Median Sold Price in this market is $509,000, indicating that homes in this area are selling at a relatively high price point. This could be reflective of the overall desirability of the area and the limited supply of housing options.

Overall, these metrics point towards a competitive real estate market with high demand and limited inventory. Buyers should be prepared to act quickly and potentially pay above asking price, while sellers may find themselves in a favorable position to capitalize on the current market conditions.