The real estate market is currently experiencing a low inventory situation, with only 2.26 months supply of inventory available. This means that there are fewer homes for sale compared to the number of buyers looking to purchase. Despite the low inventory, there has been a slight increase in the number of months of inventory over the past 12 months, with a change of 0.28%. This could indicate a slight shift towards a more balanced market in the future. Homes are selling quickly in this market, with a median of only 17 days on the market before being sold. This suggests that there is strong demand from buyers, leading to a quick turnover of available homes. Sellers are also seeing strong offers on their properties, with a sold to list price percentage of 0.99%. This means that on average, homes are selling for almost the full asking price, indicating a competitive market. The median sold price for homes in this market is $260,000, which shows that there is a range of affordable options available for both buyers and sellers. Overall, the current real estate market is competitive with low inventory, quick sales, and strong offers. Buyers should be prepared to act fast when they find a property they like, while sellers can expect to receive strong offers on their homes.

As a real estate professional, it is important to understand the correlation between various market metrics to provide valuable insights to both buyers and sellers. First, let's look at the Months Supply of Inventory, which currently stands at 3.27. This metric indicates how long it would take for all current listings to sell at the current sales pace. A lower months supply of inventory typically indicates a seller's market, where demand exceeds supply. The 12-Month Change in Months of Inventory is -0.11%, showing a slight decrease in the available housing inventory over the past year. This decrease could be attributed to strong demand and limited supply, leading to a competitive market for both buyers and sellers. The Median Days Homes are On the Market is 23, suggesting that homes are selling relatively quickly in this market. A low median days on market can indicate high buyer demand and well-priced properties. The Sold to List Price Percentage is 0.99%, which indicates that homes are selling very close to their list price. This can be a positive sign for sellers, as it shows that they are able to achieve a high percentage of their asking price. Lastly, the Median Sold Price is $395,000, giving buyers and sellers a benchmark for the average price of homes in the market. This information can help both parties make informed decisions when buying or selling a property. Overall, these metrics paint a picture of a competitive real estate market with limited inventory, quick sales, and strong demand. Buyers may need to act fast and be prepared to make competitive offers, while sellers may benefit from pricing their homes strategically to maximize their sale price.

As a real estate professional, it is important to understand the correlation between key metrics in the market to provide valuable insights to both buyers and sellers. The Months Supply of Inventory, which currently stands at 2.32, indicates the number of months it would take to sell all current listings at the current sales pace. A lower number suggests a seller's market, while a higher number indicates a buyer's market. The 12-Month Change in Months of Inventory increasing by 0.5% shows a slight trend towards a more balanced market, potentially giving buyers more options and negotiating power. The Median Days Homes are On the Market, at just 13 days, indicates a fast-paced market where homes are selling quickly. This can be beneficial for sellers looking to make a quick sale, but may require buyers to act fast. The Sold to List Price Percentage of 0.99% suggests that homes are generally selling very close to their list price, indicating a strong market where sellers have leverage in negotiations. Lastly, the Median Sold Price of $293,710 provides valuable information on the current market value of homes in the area, helping both buyers and sellers make informed decisions. Overall, these metrics paint a picture of a competitive market with limited inventory and high demand, making it crucial for both buyers and sellers to stay informed and work with a knowledgeable real estate professional to navigate the market effectively.