As a seller, it's important to understand how various real estate metrics can help guide your decisions on pricing and timing. Let's take a closer look at some key metrics that can give you valuable insight into the market and help you make informed choices.
Months Supply of Inventory
Looking at our data from October, the Months Supply of Inventory stands at 3.78 months. This metric tells us how long it would take to sell all the available homes if sales continued at the current pace. A lower number suggests a seller's market, where fewer homes are available and more competition among buyers. On the other hand, a higher number points to a buyer's market, where buyers have more options to choose from. In this case, 3.78 months is a sign of a relatively balanced market, but it's important to keep an eye on trends.
12-Month Change in Months of Inventory
Over the past year, the 12-Month Change in Months of Inventory has increased by 6.78%. This means that inventory levels have slightly risen, suggesting the market is leaning a bit more toward balance. This could be due to an increase in the number of homes for sale or a slight dip in buyer demand. As a seller, this shift means you may need to adjust your expectations regarding pricing and competition.
Median Days on the Market
The Median Days Homes Are On the Market is currently 46 days. This shows that homes are selling relatively quickly, which is great news for sellers. When you’re preparing to list your home, knowing that properties are selling within this timeframe can help you set realistic expectations about how long your home might be on the market.
List to Sold Price Percentage
The List to Sold Price Percentage is 99.8%, meaning homes are generally selling very close to their asking price. This is a positive indicator for sellers because it suggests that homes are being priced accurately and that buyers are willing to pay close to the listed price. If you price your home right, you’re more likely to achieve a sale near your asking price.
Median Sold Price
Finally, the Median Sold Price for homes in this market is $185,000. This figure gives you a clear picture of the average price at which homes are selling. By understanding this, you can set a competitive price for your home that will attract potential buyers while maximizing your return on investment.
Overall, these real estate metrics paint a picture of a market with moderate inventory, relatively quick sales, and strong price accuracy. As a seller, it’s crucial to use this data to guide your pricing strategy, marketing efforts, and timing decisions. By staying informed, you'll be in a better position to navigate the market and achieve a successful sale. Melanie Bolling with Capital Realty Group River Region LLC is dedicated to helping sellers like you understand the market and get your home sold quickly and for the best price. With her experience and commitment to personalized service, she will ensure that you are well-informed and confident every step of the way. Let Melanie help you make the most of your real estate journey!