Buyers and Sellers, let's dive into the correlation between these key real estate metrics to help you better understand the current market conditions.
First, let's look at the Months Supply of Inventory, which stands at 8.25. This metric indicates how long it would take to sell all the current listings on the market based on the current sales pace. A balanced market typically has around 6 months of inventory, so 8.25 months suggests a slightly higher level of inventory than optimal.
Next, the 12-Month Change in Months of Inventory has increased by +35.47%. This significant increase indicates a trend towards more inventory entering the market compared to the previous year. This could lead to increased competition among sellers and potentially lower prices.
The Median Days Homes are On the Market is 76, which means that on average, it takes about 76 days for a home to sell from listing to closing. This metric can give sellers an idea of how long they can expect their home to be on the market before finding a buyer.
The List to Sold Price Percentage is 94%, indicating that homes are selling close to their listing price. This can be reassuring for sellers, knowing that they are likely to receive a fair offer on their property.
Lastly, the Median Sold Price is $85,000. This figure represents the middle point of all the sold prices in the market, giving buyers and sellers an idea of the current price range in the area.
And that's your September 2024 Century Village Market Update. Overall, these metrics suggest that there is a decent amount of inventory on the market, homes are selling close to their listing price, and the median sold price is relatively affordable at $85,000. Buyers may have more options to choose from, while sellers may need to price their homes competitively to attract buyers in this market. Stay informed and work with a real estate professional to navigate these market conditions effectively.
Comments