As a buyer, seller or Realtor, it’s important to understand the correlation between key metrics in the market to make informed decisions as a buyer or seller.
First, let’s look at the Months Supply of Inventory, which is currently at 0.96. This indicates that there is less than one month’s worth of inventory available on the market, suggesting a high demand for homes in the area. A healthy market starts at 3 months of inventory and is balanced for buyers and sellers. Six Months is a great market, with a slight lean to buyers. The high interest rates limit the number of buyers in the market right now, further skewing the advantages to sellers.
The 12-Month Change in Months of Inventory is at +65.52%, showing a significant increase in the amount of available inventory compared to the previous year, showing just how low inventory was last year. This could potentially indicate a larger future shift in the market towards a more balanced supply and demand dynamic. Couple that with a promised decrease in interest rates this Fall or more likely IMHO by Spring 2025, and you have a seriously hot market for both buyers and sellers.
The Median Days Homes are On the Market is 18, which is relatively low and suggests that homes are selling quickly in this market. This could be attributed to the high demand and low inventory levels. The List to Sold Price Percentage is at 103.7%, indicating that homes are selling for slightly above their listing price on average. The low inventory is increasing competition. Buyers are still inflating their offers to get noticed by sellers. This is evidence of competitive bidding situations and strong buyer interest in the area.
Lastly, the Median Sold Price in this market is $450,000. This represents the middle point of all home sales in the area, and can be used by buyers as a benchmark for pricing and evaluating property values. The best way is to ask your Realtor for RPR or Remine valuations. Realtor.com is pretty good too.
Overall, these metrics suggest a competitive and active real estate market with high demand and limited inventory. Buyers may need to act quickly and be prepared to make strong offers, while sellers may benefit from pricing their homes competitively to attract multiple offers from a larger pool of buyers and create situations that drive interested buyers to compete. It is important for both buyers and sellers to work with a knowledgeable Realtor, who has access to best valuation and home search toys, to navigate this dynamic market successfully.
Oh My Word…. that was painful, but necessary. Next week, back to fun stuff.
Have Fun!
Lew McConkey,
Brook Realty, Serving Whitman Hanson & Surrounding Towns
(781)252-9789
If you have questions about your place in the current Real Estate market, as a buyer, seller or Landlord,
Please feel free to call text or email for your free, no obligation consultation.
