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Navigating the Competitive Real Estate Landscape: Key Metrics for Buyers and Sellers January 2024 Recap

January 2024, York County

Today we are going to take a closer look at some key real estate metrics that will surely pique the interest of both buyers and sellers. By analyzing this data, we can gain valuable insights into the current state of the market, helping you make informed decisions.

Let's begin by examining the "Months Supply of Inventory," which stands at 1.46. This metric represents the number of months it would take to sell the currently available inventory at the current sales pace. A lower number indicates a seller's market, where demand exceeds supply, potentially leading to higher prices and shorter selling times.

Now, let's delve into the "12-Month Change in Months of Inventory," which shows a significant increase of 16.8%. This change suggests that the market has become more favorable for buyers, as there is now a larger supply of homes available for purchase. This shift might lead to more competitive pricing and longer timeframes for sellers to secure a sale.

Moving on, we have the "Median Days Homes are On the Market," which sits at a relatively low number of 32 days. This metric highlights the average number of days it takes for a home to go from listing to a signed contract. A lower number suggests a faster-paced market, where buyers need to act swiftly to secure their desired property.

Next, we have the "List to Sold Price Percentage," which stands at an impressive 98.9%. This metric reveals the percentage of the listing price that sellers typically receive when their property is sold. With a high percentage like this, it indicates that sellers are achieving close to their initial asking price, showcasing a strong market where buyers are willing to meet the seller's expectations.

Lastly, let's take a look at the "Median Sold Price," which currently stands at $450,000. This metric represents the middle point of all the sold prices over a specific period. It provides a useful benchmark for buyers and sellers, helping to gauge the overall value of properties in the market.

In conclusion, by examining these real estate metrics, we can observe several key correlations. The increase in the "12-Month Change in Months of Inventory" suggests a shift towards a buyer's market, while the low "Median Days Homes are On the Market" indicates a fast-paced environment. The high "List to Sold Price Percentage" signifies a market where sellers are achieving close to their asking price, and the "Median Sold Price" provides a snapshot of the current market value.

These insights can be immensely valuable for both buyers and sellers, allowing them to make informed decisions, whether it be in determining the right time to enter the market or setting an appropriate listing price. With these metrics in mind, you can navigate the real estate market with confidence and seize the opportunities that arise.

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