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Navigating the Competitive Real Estate Landscape: Key Metrics for Buyers and Sellers December 2023 Recap

 

December 2023, York County

This blog will analyze and discuss some crucial real estate metrics that are of utmost importance to all buyers and sellers in the market. These metrics will provide you with a deeper understanding of the current state of the real estate market and its potential implications on your buying or selling journey.

The "Months Supply of Inventory" stands at a relatively low 1.68. This metric represents the number of months it would take to sell all the current inventory of homes on the market if no new listings were added. A lower number indicates a seller's market, where demand exceeds supply, potentially leading to higher prices and more competition among buyers.

It is essential to consider the "12-Month Change in Months of Inventory," which shows a significant increase of 12%. This change signifies a slight shift towards a more balanced market, as there has been an increase in the number of homes available for sale over the past year. This change could potentially provide buyers with more options and negotiating power, while sellers may need to be mindful of the market dynamics.

The "Median Days Homes are On the Market"  is an impressive 23 days. This metric indicates the average number of days it takes for a home to go from being listed on the market to being sold. A lower number suggests a fast-paced market with high demand, benefiting sellers who can expect quicker sales. For buyers, it means being prepared to act swiftly and make competitive offers.

Additionally, we have the "List to Sold Price Percentage," which stands at an impressive 99.9%. This metric represents the percentage of the listing price that a home actually sells for. A higher percentage signifies that sellers are achieving close to their asking price, demonstrating a strong market where buyers are willing to pay top dollar for desirable properties.

Lastly, we have the "Median Sold Price," which currently stands at $429,900. This metric provides an insight into the average selling price of homes in the market. It is important to note that this is the median price, which means that half of the homes sold for more than this amount and half sold for less. This figure gives buyers and sellers a general idea of the price range and potential value of homes in the market.

Based on the provided data, we can observe a real estate market that is currently favoring sellers due to the low Months Supply of Inventory and high List to Sold Price Percentage. However, the increase in the 12-Month Change in Months of Inventory suggests a potential shift towards a more balanced market, allowing buyers more options and room for negotiation.

Buyers should be prepared to act swiftly in this fast-paced market, while sellers can expect strong demand and the potential to achieve close to their asking price. The Median Sold Price of $429,900 provides a general indication of the price range in the market.

We hope this analysis has shed some light on the current state of the real estate market, helping both buyers and sellers make informed decisions. 

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