January 2024 Market Report 95864

Good morning, Buyers and Sellers! Today, we will explore the correlation between several important real estate metrics that can greatly impact your decision-making process. By analyzing this data, you will gain valuable insights into the current state of the market and make informed choices. So, let's dive in!

Firstly, let's consider the "Months Supply of Inventory," which currently stands at 0.92. This metric tells us how long it would take for all the available homes on the market to be sold, assuming no new properties are listed. A lower number indicates a seller's market, where demand exceeds supply, driving up prices and potentially leading to bidding wars.

Now, let's examine the "12-Month Change in Months of Inventory," which is currently at -15.6%. This figure represents the percentage change in the number of months it would take to sell all the available homes compared to the previous year. In this case, the negative value suggests a decrease in inventory, indicating a tightening market.

Moving on, we have the "Median Days Homes are On the Market," which stands at 36. This metric reveals the average number of days it takes for a home to sell once it's listed. A lower number indicates a faster-moving market where homes are in high demand and may sell quickly.

Next, let's consider the "List to Sold Price Percentage," which currently sits at 99.1%. This metric signifies the percentage of the original listing price that a property ultimately sells for. A higher percentage suggests that sellers are generally receiving offers close to their asking prices, indicating a strong market for sellers.

Lastly, we have the "Median Sold Price," which is currently at $1,018,000. This figure represents the midpoint of all the sold prices in a given period. It provides a benchmark for understanding the overall price range in the market.

When we analyze these metrics together, we can draw several conclusions. The low "Months Supply of Inventory" and negative "12-Month Change in Months of Inventory" indicate a limited supply of homes, suggesting a seller's market. This is further supported by the high "List to Sold Price Percentage," which demonstrates that sellers are often achieving their desired prices.

Moreover, the relatively low "Median Days Homes are On the Market" indicates that homes are selling quickly once they hit the market. This is likely due to the high demand and limited supply we mentioned earlier.

Finally, the "Median Sold Price" of $1,018,000 provides an understanding of the current price range for homes in this market. It's vital information for both buyers and sellers to gauge the value of properties.

In conclusion, the data suggests that we are currently in a seller's market with limited inventory, high demand, and homes selling quickly at prices close to the asking price. It's essential for both buyers and sellers to be aware of these market conditions when making their real estate decisions.

Thank you for joining us today, and we hope this analysis has provided valuable insights for your real estate endeavors.