The real estate market is currently showing a high level of inventory with a Months Supply of Inventory at 13.61, indicating that it would take over a year to sell all the current listings at the current sales pace. This is a significant increase of 71.84% in the past year, suggesting a slower rate of sales compared to the previous period.
Despite the higher inventory levels, homes are still selling relatively quickly, with a median of 83 days on the market. This could be attributed to the List to Sold Price Percentage of 94.9%, indicating that homes are generally selling close to their listing price. This high percentage suggests a strong demand for homes in the market.
The Median Sold Price of $580,000 reflects a healthy market where homes are selling at a reasonable price point. Buyers can expect to find a variety of options within this price range, while sellers can anticipate a competitive market with potential for strong returns on their investment.
Overall, the correlation between these real estate metrics indicates a balanced market with opportunities for both buyers and sellers. Buyers can expect a good selection of homes at reasonable prices, while sellers can benefit from a market where homes are selling relatively quickly and close to their listing price.