June 2024 Market Report 95821

As a real estate professional, it is important to analyze key metrics to understand the current market conditions and trends. In this case, we are looking at the correlation between Months Supply of Inventory, 12-Month Change in Months of Inventory, Median Days Homes are On the Market, List to Sold Price Percentage, and Median Sold Price.

The Months Supply of Inventory is a crucial indicator of the balance between supply and demand in the market. A low number, such as 1.69, suggests a seller's market where there is high demand for homes compared to the available inventory. This can lead to increased competition among buyers and potentially higher prices.

The significant increase of +252.08% in the 12-Month Change in Months of Inventory indicates a shift in market conditions towards a more balanced or potentially buyer's market. This change may be due to an increase in available inventory or a decrease in demand.

The Median Days Homes are On the Market being only 7 days is a strong indicator of a fast-moving market. Homes are selling quickly, which could be attributed to high demand, low inventory, or competitive pricing strategies.

The List to Sold Price Percentage of 101.2% suggests that homes are selling for slightly above their list price on average. This can indicate strong buyer interest and competition in the market.

Lastly, the Median Sold Price of $572,500 gives us an idea of the overall pricing trends in the market. It is important for both buyers and sellers to be aware of the median sold price to make informed decisions about their real estate transactions.

Overall, these metrics paint a picture of a dynamic real estate market with high demand, low inventory, fast sales, and potentially increasing prices. Buyers and sellers should work closely with a knowledgeable real estate agent to navigate these market conditions effectively and achieve their desired outcomes.