The Century Village real estate market is currently showing a healthy balance between supply and demand, with a monthly supply of Inventory at 6.97. This indicates that there is enough inventory to meet buyer demand, but not an oversaturation of properties on the market.
However, it is important to note that there has been a significant increase in the Months of Inventory over the past 12 months, with a change of +51.85%. This could potentially signal a shift towards a more buyer-friendly market in the future, as more properties are available for purchase.
Despite this increase in inventory, homes are still selling relatively quickly, with a median of 42 days on the market. This suggests that there is still strong demand for homes in this market, and buyers should be prepared to act quickly when they find a property they are interested in.
Sellers can take comfort in the fact that homes are selling for a high percentage of their list price, at 93.8%. This indicates that sellers are pricing their homes competitively and that buyers are willing to pay close to the asking price for desirable properties.
And that's the February 2024 Century Village Market Update. Overall, the median sold price of $118,750 shows that this market offers affordable housing options for buyers, while also providing sellers with the opportunity to make a profit on their investment. With a balanced supply of inventory, quick sales, and strong list-to-sold price percentages, this real estate market is one that both buyers and sellers should keep an eye on.
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