September 2023, York County Recap
When it comes to understanding the real estate market, there are several important metrics that can give buyers and sellers valuable insights. Let's take a closer look at the correlation between the following metrics: Months Supply of Inventory, 12-Month Change in Months of Inventory, Median Days Homes are On the Market, List to Sold Price Percentage, and Median Sold Price.
Starting off, the Months Supply of Inventory is an indicator of how long it would take for all the current listings on the market to sell, given the current sales pace. In this case, the Months Supply of Inventory is 2.29, which means that if no new listings were added, it would take approximately 2.29 months for all the current homes to be sold. This number is quite low, indicating a relatively tight market with limited inventory.
Next, let's focus on the 12-Month Change in Months of Inventory, which shows how the supply of homes has changed over the past year. In this scenario, the metric has increased by 11.17%. This indicates that the number of homes available for sale has grown over the past year, resulting in a slightly more balanced market compared to previous periods.
Moving on, we have the Median Days Homes are On the Market, which represents the average number of days it takes for a home to sell. In this case, the median is just 12 days, suggesting that homes are selling quite quickly. This could be attributed to high demand and limited supply, leading to a faster turnaround time for sellers.
The List to Sold Price Percentage is another important metric to consider. This percentage represents the ratio of the final sale price to the original listing price. In this scenario, the percentage is 100.9%, indicating that, on average, homes are selling slightly above their initial asking price. This can be seen as a positive sign for sellers, highlighting strong market conditions and buyer competition.
Lastly, let's discuss the Median Sold Price, which is the middle point of all the sold prices in a given period. In this case, the median sold price is $429,900. This figure provides an idea of the general price range at which homes are selling. It's important to note that this metric can vary widely depending on the location and specific market conditions.
In conclusion, when considering these real estate metrics together, we can gather valuable insights for both buyers and sellers. The low Months Supply of Inventory and the relatively short Median Days Homes are On the Market indicate a competitive market where homes are selling quickly. The 12-Month Change in Months of Inventory suggests a slightly more balanced market compared to the previous year. The List to Sold Price Percentage above 100% shows that sellers are achieving good sale prices, potentially due to high demand and limited supply. Lastly, the Median Sold Price gives an idea of the price range at which homes are selling. Overall, these metrics present an engaging and informative snapshot of the current real estate market for buyers and sellers to consider.