The real estate market is currently experiencing a moderate level of inventory with a Months Supply of Inventory at 5.31. This means that at the current rate of sales, it would take approximately 5.31 months to sell all the available homes on the market.
There has been a significant increase in the inventory levels over the past year, with a 12-Month Change in Months of Inventory at +46.69%. This indicates that there are more homes available for buyers to choose from compared to the previous year.
Despite the increase in inventory, homes are still selling relatively quickly, with a Median Days Homes are On the Market at 45 days. This suggests that there is still strong demand in the market, and well-priced homes are selling quickly.
Sellers are also seeing good returns on their properties, with a Sold to List Price Percentage at 97.4%. This means that on average, homes are selling for 97.4% of their listing price, indicating that sellers are able to negotiate favorable deals.
The Median Sold Price in this market is $394,000, which is a healthy and stable price point. Buyers can expect to find a variety of homes in this price range, and sellers can feel confident that their properties are valued at a competitive price.
Overall, the real estate market is balanced, with a good level of inventory, strong demand, and favorable pricing for both buyers and sellers. It is a great time to buy or sell a home in this market.
If you are interested in a Real Estate Comparative Market Analysis of your home, please contact us for an appointment.
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