Know Your Real Estate Market

Know The Statistics To Know The Real Estate Market

       It is important to know the real estate market in order to sell a property within that market. Basically this means to understand the correlation between key metrics (statistics). This in turn helps to know how the local real estate market is working. Know the real estate market the property is in helps to price, market and sell your home in that market.

Months of Inventory

       Firstly, to know the real estate market, let’s look at the Months Supply of Inventory which in this chart is at 4.06. This metric indicates how long it would take for all current homes on the market to be sold, given the current sales pace. A lower months supply of inventory typically indicates a seller’s market, with high demand and limited supply. Subsequently a strategic price compared to your competition can be determined.

Change in Months of Inventory

        Secondly, it’s good to observe changes in inventory over different time periods. This 12 Month Change in Months of Inventory has increased by +153.75%. This significant increase suggests a shift towards a more balanced real estate market.  That means more inventory available for buyers to choose from. This increase may result in more competition among sellers.  This can potentially lead to longer days on the market.

Median Days in the Real Estate Market

       Third, speaking of days on the market, the Median Days Homes Are On The Market is 20. This relatively low number suggests that homes are selling quickly, which is a positive sign for sellers. However, it is important to keep an eye on this metric as it may change with shifts in market conditions.

Sold to List Price Percentage

       Fourthly, the Sold to List Price Percentage is currently at 96.6%, indicating that homes are selling for close to their listing price. This suggests that sellers are pricing their homes effectively.  It also shows that buyers are willing to pay close to the asking price.

Median Sold Price

       Finally, the Median Sold Price is $499,000. This is the midpoint of all sold prices. Basically, half of the homes are selling above this price and half are selling below. Knowing the median sold price in the local real estate market can help you set a competitive asking price for your home.

       In conclusion, as a seller, it is important to pay attention to these real estate metrics.  They help to understand the current market conditions and to make informed decisions. With a balanced market, quick sales, and homes selling close to their listing price, now may be a good time to list your property.