May 2024 Real Estate Market Update
As a prospective buyer or seller in the current real estate market, it is important to understand how various metrics can impact your decision-making process.
Let's first look at the Months Supply of Inventory, which currently stands at 4.14. This metric indicates how long it would take for all the current homes on the market to be sold, given the current sales pace.
A lower number typically signifies a seller's market, while a higher number suggests a buyer's market.
Inventory Supply
The 12-Month Change in Months of Inventory has seen a significant increase of +98.09%.
This sharp rise indicates a shift towards a buyer's market, as inventory levels have grown substantially in the past year.
Buyers may have more options to choose from and potentially negotiate better deals, while sellers may need to adjust their pricing strategies accordingly.
Median Days on the Market
The Median Days Homes are On the Market is 45, which is a relatively short amount of time in the current market.
This suggests that homes are selling relatively quickly, indicating strong demand from buyers.
Sellers may benefit from this trend by potentially receiving multiple offers or selling their homes faster than anticipated.
Sold Listings
The List to Sold Price Percentage is 98.5%, which indicates that homes are typically selling very close to their listing prices.
This shows a healthy balance between buyer and seller expectations, with minimal price reductions occurring during negotiations.
Median Sold Price
Lastly, the Median Sold Price is $485,000, providing an insight into the overall price point of homes in the market. This figure can help both buyers and sellers understand the average value of properties being transacted.
In conclusion, the current real estate market shows signs of a shift towards a buyer's market, with increased inventory levels and a high list to sold price percentage.
Buyers may have more options to choose from and potential negotiating power, while sellers may need to adjust their pricing strategies to stay competitive.
Keeping an eye on these key metrics can help guide your decision-making process in the ever-changing real estate landscape.
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