February 2024 Market Report 95821

Ladies and gentlemen, today we will be discussing some crucial real estate metrics that are of great importance to both buyers and sellers in the market. By analyzing these metrics, we can gain valuable insights into the current state of the real estate market and make informed decisions. So, let's dive right in!

Firstly, let's take a look at the "Months Supply of Inventory" which stands at 1.43. This metric tells us how long it would take for all the current listings in the market to be sold, given the current sales pace. A lower number indicates a seller's market, where demand exceeds supply, leading to potentially higher prices and quicker sales.

Moving on, we have the "12-Month Change in Months of Inventory" which shows an astonishing increase of 101.41%. This significant change indicates a shift from a seller's market to a buyer's market. The supply of homes for sale has increased significantly over the past year, giving buyers more options to choose from and potentially negotiating better deals.

Now, let's talk about the "Median Days Homes are On the Market" which is just 14 days. This metric highlights the speed at which homes are being sold. With such a short duration, it's clear that the market is highly competitive, and buyers must act quickly to secure their desired properties. Sellers, on the other hand, can expect a quick turnaround and potentially multiple offers on their homes.

Next, we have the "List to Sold Price Percentage" which stands at an impressive 99.9%. This percentage indicates that, on average, homes are selling very close to their listed prices. This suggests that sellers are accurately pricing their homes, and buyers are willing to pay the asking price. It's a positive sign for both parties, as sellers can expect to receive fair value for their properties, while buyers can have confidence in the pricing transparency.

Lastly, let's discuss the "Median Sold Price" which is $500,000. This metric gives us an idea of the average price at which homes are being sold. It's important for buyers to be aware of this figure as it helps them set realistic expectations and plan their budgets accordingly. Sellers, on the other hand, can use this information to gauge the current market value of their homes and make informed pricing decisions.

In conclusion, these real estate metrics provide valuable insights into the current market conditions. As a buyer, you can take advantage of increased inventory and potentially negotiate better deals. As a seller, you can expect a quick sale and fair pricing. However, it's essential to stay updated on these metrics as they can fluctuate over time. By staying informed, both buyers and sellers can navigate the real estate market with confidence and make the most out of their transactions.