Let’s break down the Market Trends for April 2024 in Century Village West Palm Beach and see how they correlate with each other to give you a better understanding of the current market conditions.
First, let's look at the Months Supply of Inventory, which is currently at 7.07. This metric tells us how many months it would take to sell all the current inventory of homes on the market. A higher number indicates a buyer's market, while a lower number indicates a seller's market.
The 12-Month Change in Months of Inventory is +20.65%, which means that the supply of homes on the market has increased over the past year. This could be due to a variety of factors such as an increase in new listings or a decrease in buyer demand.
Next, the Median Days Homes are On the Market is 51. This tells us the average number of days it takes for a home to sell once it is listed. A lower number indicates a strong seller's market, while a higher number could mean that homes are staying on the market longer.
The List to Sold Price Percentage is 96.3%, which means that homes are selling for about 96.3% of their list price on average. This can give you an idea of how much negotiating power buyers and sellers have in the current market.
Finally, the Median Sold Price is $127,000. This is the middle price point of all the homes that have sold recently. It can give you an idea of the overall pricing trends in the market.
And that's the April 2024 Century Village Market Update. In summary, with a relatively high Months Supply of Inventory and an increasing trend in inventory levels, buyers may have more options and negotiating power. However, homes are still selling relatively quickly with a median of 51 days on the market. The List to Sold Price Percentage suggests that sellers may need to be flexible on pricing, while the Median Sold Price gives a snapshot of the current market value. Buyers and sellers should keep these metrics in mind when making decisions in the real estate market.
Comments