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Let's break down these real estate metrics to understand the correlation between them.
First, let's look at the Months Supply of Inventory, which stands at 2.75. This metric indicates how many months it would take to sell all the current inventory of homes on the market if no new listings were added. A lower number typically signifies a seller's market, where demand exceeds supply.
Next, we have the 12-Month Change in Months of Inventory, showing a significant increase of +32.85%. This indicates that the market is experiencing a shift towards a buyer's market, with more inventory available compared to the previous year.
The Median Days Homes are On the Market is 28, which is relatively low. This suggests that homes are selling quickly, likely due to high demand and low inventory levels.
The Sold to List Price Percentage is 98.6%, indicating that homes are generally selling very close to their listing prices. This can be a positive sign for sellers, as it shows strong buyer interest and competition.
Finally, the Median Sold Price is $499,999. This gives us an idea of the average price at which homes are selling in the current market.
Overall, these metrics paint a picture of a real estate market with low inventory levels, high demand, quick sales, and strong pricing. Sellers may find it to be a favorable market for listing their homes, while buyers may need to act fast and be prepared to make competitive offers. It's important to stay informed and work with a knowledgeable real estate agent to navigate the current market conditions effectively.
