Sept 2024 Market Report

As a real estate professional, it is important to analyze the various metrics that indicate the current state of the market to provide valuable insights to both buyers and sellers. 

The Months Supply of Inventory, which stands at 1.88, is a key indicator of market conditions. A lower number typically signifies a seller's market, where demand exceeds supply, leading to quicker sales and potentially higher prices. Conversely, a higher number indicates a buyer's market, with more inventory available and potentially more negotiating power for buyers.

The 12-Month Change in Months of Inventory, showing a significant increase of +45.74%, suggests a shift in market dynamics. This could indicate a trend towards a more balanced market, where neither buyers nor sellers have a significant advantage.

The Median Days Homes are On the Market, at 14 days, indicates that properties are selling relatively quickly in this market. This could be attributed to strong demand and limited inventory, leading to faster transactions.

The List to Sold Price Percentage of 100.4% indicates that, on average, homes are selling for slightly above their listing price. This could be a result of competitive bidding and a strong seller's market.

Lastly, the Median Sold Price of $505,000 reflects the average price at which homes are selling in the current market. This information can be valuable for both buyers and sellers in understanding the pricing trends and setting realistic expectations.

Overall, these metrics paint a picture of a competitive real estate market with limited inventory, strong demand, and properties selling quickly at or above listing prices. Buyers may need to act fast and be prepared to make competitive offers, while sellers may benefit from listing their properties at strategic price points to maximize their returns. It is important for both parties to stay informed and adapt their strategies accordingly in order to navigate this dynamic market successfully.