As a buyer or seller in the real estate market, it's essential to understand the metrics that impact the value of properties. These metrics can help you make informed decisions about buying or selling a property, and they can also give you an idea of what to expect in terms of pricing and timing.
Months’ Supply of Inventory:
This metric measures how many months it would take for all the current homes on the market to sell, given the current rate of sales. In this case, the DSM Months’ Supply of Inventory is 1.89, which is a relatively low number. This number has been slowly increasing over the last several months.
This indicates that the demand for homes in this market is lowering and we are seeing homes sit on the market for a bit longer.
Median Days Homes are on the Market:
This metric measures how long it takes for a home to sell once it's listed on the market. Currently, the Median Days Homes are On the Market is 9 days.
The number of days on market varies due to many environmental factors.
The List to Sold Price Percentage:
This metric measures the percentage of the list price that a home sells for. In this case, the List to Sold Price Percentage is 98.8%, which means that homes are selling at their list price.
This indicates that sellers are pricing their homes appropriately for the market, and buyers are willing to pay the asking price.
Median Sold Price:
This metric measures the middle point of all the home sales in the market. In this case, the Median Sold Price is $202,000 which gives buyers and sellers an idea of what to expect in terms of pricing.
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