05/08/2024
The real estate market is currently showing a Months Supply of Inventory of 7.06, indicating a relatively balanced market between buyers and sellers. However, there has been a significant increase in the 12-Month Change in Months of Inventory, with a rise of +39.53%, suggesting a potential shift towards a more buyer-friendly market in the near future.
Despite this increase in inventory, homes are still selling relatively quickly, with a median of 39 days on the market. This could be attributed to the List to Sold Price Percentage of 94.9%, indicating that homes are generally selling close to their asking price.
The median sold price in this market is $694,450, which may be considered on the higher end for some buyers. However, with the current metrics showing a slight increase in inventory and a high percentage of list to sold price, buyers may have some negotiating power in this market.
Overall, these metrics suggest a dynamic and evolving real estate market that presents opportunities for buyers to find their ideal home at a reasonable price. It is essential for buyers to stay informed and work with a skilled agent to navigate this market effectively.
