January 2024 Market Report 95821

Ladies and gentlemen, today we will delve into the correlation between various real estate metrics that are of utmost importance to both buyers and sellers. By analyzing the data provided, we can gain valuable insights into the current state of the market and make informed decisions. So, let's dive right in!

Firstly, we have the "Months Supply of Inventory," which stands at 1.43. This metric indicates the number of months it would take for the current inventory of homes on the market to sell, given the current sales pace. A lower value suggests a seller's market, where demand outpaces supply, leading to potentially higher prices.

Now, let's examine the "12-Month Change in Months of Inventory," which shows a notable increase of +52.13%. This change denotes a significant shift in the balance between supply and demand. A higher value suggests an increase in available inventory, potentially indicating a buyer's market. Buyers may have more options and potentially hold more bargaining power in negotiating prices.

Moving on, we come to "Median Days Homes are On the Market," which sits at a mere 16 days. This metric represents the average number of days it takes for a listed home to go under contract. With such a short timeframe, we can infer that the market is highly competitive, with properties being snatched up quickly. This could indicate a sense of urgency among buyers and potentially drive up prices.

Next, we have the "List to Sold Price Percentage," which stands at a remarkable 101.2%. This percentage signifies that, on average, homes are selling for slightly more than the listed price. This suggests a strong demand for properties, and buyers may need to be prepared to offer competitive bids to secure a home.

Finally, we arrive at the "Median Sold Price," which currently stands at $457,500. This figure represents the middle point of all the sold prices in the market. It provides an insight into the overall price range in the area. With a median sold price of $457,500, buyers and sellers alike can gauge the general price level of homes in the market.

Taking all these metrics into consideration, we can infer that the current real estate market is relatively competitive, with low supply compared to demand. The increase in inventory over the past year has given buyers more options, but homes are still being sold at a rapid pace, often above the listed price.

For buyers, it is essential to act swiftly and be prepared to offer competitive bids. On the other hand, sellers can expect a strong market, but it is crucial to price their homes appropriately to attract potential buyers.

In conclusion, the correlation between the provided real estate metrics suggests a market that favors sellers but also offers opportunities for buyers. By understanding these trends, both buyers and sellers can navigate the market with confidence and make well-informed decisions.