Months of Inventory

Currently, there's about 1.88 months of inventory available. This indicates a seller's market, where the number of homes for sale is quite limited. For buyers, this means homes tend to sell quickly, and sellers often have more leverage in negotiations. If you're planning to buy, be prepared for a competitive environment and consider acting swiftly when you find a home you love.

 

Sold-to-List Price Ratio

Homes are selling for about 101.53% of their asking price. This tells us that, on average, homes are closing slightly above their listed price, highlighting the competitive nature of the market. As a buyer, it's crucial to be ready to make strong offers.

 

Inventory Trends

While there was a 4% increase in inventory this month, reflecting a slight easing of tightness, the inventory has actually decreased by 4% over the past year. This contrast suggests that while there's a bit more availability recently, the overall trend shows a reduced supply compared to last year. Understanding these trends can help you strategize your timing and approach.

 

Median Days on Market

Homes are typically on the market for about 16 days. This quick-moving market pace means you may need to make decisions relatively quickly when you find a property that fits your needs. Having your financing in order can help you move fast when the right opportunity arises.

 

Median Sold Price

The median sold price is currently $250,000. This figure can help set your expectations as you browse listings, providing a benchmark for assessing potential properties' value and price range.

 

Navigating the housing market can be daunting, but knowing these trends can empower you to make informed decisions. If you have any questions or would like to discuss how these insights relate to your specific situation, please feel free to reach out. I'm here to help and would love to support you in achieving your home buying goals.

 

Warm regards,

B Martin Wickstroem