June 2024 Market Report 95864

As a real estate professional, it is important to understand the correlation between key metrics in the market to provide valuable insights to both buyers and sellers. 

First, let's look at the Months Supply of Inventory, which currently stands at 2.34. This metric indicates how long it would take for all the current listings on the market to sell at the current pace of sales. A lower number typically signifies a seller's market, where demand exceeds supply.

The 12-Month Change in Months of Inventory has increased by +80%, indicating a significant shift in market conditions. This could suggest a potential increase in inventory levels, which may lead to a more balanced market or even a buyer's market in the near future.

Despite the increase in inventory, the Median Days Homes are On the Market is only 6 days. This rapid turnover time suggests high demand and competitive pricing, with homes selling quickly once they are listed.

The List to Sold Price Percentage of 101.1% indicates that homes are selling above their asking price on average. This could be due to strong demand and competitive bidding among buyers.

Lastly, the Median Sold Price of $825,000 reflects the current market value of homes in the area. This figure can be used as a reference point for both buyers and sellers when making real estate decisions.

Overall, these metrics suggest a dynamic and competitive real estate market with low inventory levels, high demand, and homes selling quickly at or above asking prices. Buyers may need to act fast and be prepared to make strong offers, while sellers may benefit from pricing their homes strategically to capitalize on current market conditions.