A Quick Note for a Buyer

As buyers in the current real estate market, it is important to understand the correlation between key metrics to make informed decisions.

The Months Supply of Inventory is a crucial indicator of market conditions, currently standing at 1.47. This low figure suggests a tight market with high demand and limited supply.

The 12-Month Change in Months of Inventory shows a significant decrease of -27.94%, indicating a trend towards even tighter market conditions over the past year. This trend suggests that competition among buyers may be fierce.

The Median Days Homes are On the Market is a mere 11 days, reflecting the fast-paced nature of the current market. Homes are selling quickly, likely due to the high demand and low inventory levels.

The List to Sold Price Percentage is 101.5%, indicating that on average, homes are selling for slightly above their listing price. This suggests that buyers may need to be prepared to offer competitive bids in order to secure a property.

Finally, the Median Sold Price of $1,260,000 provides insight into the overall price range of homes in the market. This figure represents the midpoint of all sold prices, indicating that there are properties available at various price points.

In summary, the current real estate market is characterized by low inventory, high demand, and quick sales. Buyers should be prepared to act swiftly and competitively in order to secure a property in this fast-paced market.