Hello Buyers and Sellers! Let's dive into the exciting world of real estate metrics and explore how they are interconnected.
First up, we have the Months Supply of Inventory, which currently stands at 7.95. This metric tells us how long it would take for all the current homes on the market to be sold at the current pace of sales. A lower number indicates a seller's market, while a higher number suggests a buyer's market.
Next, we have the 12-Month Change in Months of Inventory, which has increased by a whopping +54.67%. This indicates that the market is shifting towards a more buyer-friendly environment, with more inventory available for buyers to choose from.
The Median Days Homes are On the Market is 50, which tells us how long it typically takes for a home to sell once it is listed. A lower number suggests a hot market with quick sales, while a higher number may indicate a slower market.
The List to Sold Price Percentage is 94.1%, indicating that homes are typically selling for 94.1% of their list price. This can give sellers an idea of how much negotiating room they may have when pricing their home.
Lastly, the Median Sold Price is $111,500, and the Median Estimated Value is $122,610. These numbers give us an idea of the average price at which homes are selling in the current market and the average estimated home value of the homes in the market.
And that's the May 2024 Century Village Market Update. By understanding how these metrics are related, both buyers and sellers can make more informed decisions when navigating the real estate market. Whether you're looking to buy your dream home or sell your current property, knowing these key metrics can help you stay ahead of the game. Happy house hunting!
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