The real estate market is currently experiencing a high level of demand, with a low supply of inventory. The Months Supply of Inventory is at an incredibly low 0.54, indicating that there are far more buyers looking for homes than there are homes available for sale. This low supply is driving up prices, as evidenced by the Median Sold Price of $1,579,500.
The 12-Month Change in Months of Inventory is also significant, showing a decrease of 34.15% compared to the previous year. This indicates that the market has become even more competitive, with homes selling at a faster rate than before.
The quick pace of the market is further highlighted by the Median Days Homes are On the Market, which is only 9 days. This means that homes are selling very quickly once they are listed, further emphasizing the high demand in the market.
In addition, the List to Sold Price Percentage is at 107.9%, indicating that homes are selling for above their listing price on average. This is another sign of the strong sellers’ market that is currently prevailing.
Overall, these metrics paint a picture of a real estate market that is highly competitive, with low inventory, quick sales, and rising prices. Buyers should be prepared to act fast and potentially pay above asking price, while sellers can expect to see strong returns on their properties.