Local Market Trends, Lakewood Ranch Fl
As a real estate professional, it is important to understand the correlation between various key metrics in the market to provide valuable insights to both buyers and sellers.
The Months Supply of Inventory, which stands at 5.24, indicates the number of months it would take to sell all current listings at the current rate of sales. This metric gives us a snapshot of the balance between supply and demand in the market.
The 12-Month Change in Months of Inventory shows a significant increase of +172.92%, suggesting a shift towards a more balanced market or potentially even a buyer's market. This could mean increased competition among sellers and more choices for buyers.
The Median Days Homes are On the Market at 41 days indicates that properties are selling relatively quickly in this market, which could be attributed to the high demand and low inventory levels.
The List to Sold Price Percentage of 98.1% shows that properties are typically selling very close to their listing price. This can be reassuring for sellers as it indicates a strong market where buyers are willing to pay close to the asking price.
Finally, the Median Sold Price of $540,420 provides a benchmark for both buyers and sellers to gauge the value of properties in the market. This figure can help sellers determine an appropriate listing price and buyers assess whether a property is priced competitively.
Overall, these metrics paint a picture of a market with relatively low inventory, high demand, and properties selling quickly and close to their listing price. Buyers and sellers should use this information to make informed decisions in today's real estate market.
Looking to buy or sell anything soon? Lets Chat email me [email protected]
