Let’s discuss what the February Market Trend numbers reveal.
For the 23185 area:
First, let’s look at the Months Supply of Inventory, which is at 1.53. This metric tells us how long it would take to sell all the current homes on the market at the current pace of sales. A lower number indicates a seller’s market, where demand exceeds supply.
Next, the 12-Month Change in Months of Inventory is at +16.79%. This increase suggests that the market may be shifting towards a more balanced or even a buyer’s market as inventory levels are rising compared to the previous year.
The Median Days Homes are On the Market is 17, indicating that properties are selling relatively quickly. This could be a result of high demand and low inventory levels.
The Sold to List Price Percentage is at 100%, meaning that homes are selling at their listing price on average. This shows that sellers are able to secure full asking price for their properties.
Lastly, the Median Sold Price is $460,065, giving us an idea of the average price at which properties are selling. This can help both buyers and sellers gauge the current market value of homes in the area.
Overall, these metrics suggest that the market is currently favorable for sellers due to low inventory levels and quick sales at asking price. However, the increase in inventory levels over the past year may indicate a shift towards a more balanced market, providing potential opportunities for buyers as well. It’s important to stay informed and work with a knowledgeable real estate agent to navigate these market conditions effectively.
Now let’s discuss properties in the 23188 area of Williamsburg.
First up, we have the Months Supply of Inventory sitting at a low 2.07. This means that there are not a lot of homes on the market compared to the number of buyers looking to purchase. With such a low supply, it’s definitely a seller’s market right now.
But hold on, the 12-Month Change in Months of Inventory has shot up by a whopping 60.47%. This indicates that the market has seen a significant increase in the number of homes available for sale compared to the previous year. Sellers might need to adjust their pricing strategy to stay competitive.
Now, let’s talk about the Median Days Homes are On the Market, which is 36. This is a pretty quick turnover time, showing that homes are selling fast in this market. Buyers need to act fast when they find a home they like.
The Sold to List Price Percentage is 98.2%, meaning that homes are typically selling very close to their listing price. This tells us that there is strong demand for homes in this market, and buyers might need to be prepared to make competitive offers.
Lastly, the Median Sold Price is $405,000. This gives us a good idea of the average price point for homes in this market. Sellers can use this information to price their home competitively and attract potential buyers.
Overall, these metrics paint a picture of a market that is fast-moving and competitive. Buyers and sellers alike need to stay informed and act quickly to make the most of the current real estate landscape. Happy house hunting and selling!
Now let’s see what the market is doing in the 23168 area:
Months Supply of Inventory is sitting at 1.21. This means that at the current pace of sales, it would take about 1.21 months to sell all the homes on the market. A low number like this typically indicates a seller’s market, where there is high demand and limited supply.
Next, we have the 12-Month Change in Months of Inventory at -2.42%. This shows a decrease in the amount of time it would take to sell all the homes on the market compared to the previous year. A negative change like this suggests that the market is becoming even more competitive for buyers.
Moving on to the Median Days Homes are On the Market, which is just 7 days. This means that homes are selling quickly, likely due to the high demand and low inventory. If you’re a seller, this is great news as your home may not sit on the market for long.
The Sold to List Price Percentage is at 99%, indicating that homes are selling very close to their asking price. This is a positive sign for sellers, as it shows that buyers are willing to pay close to what sellers are asking for.
Lastly, we have the Median Sold Price at $366,500. This gives you an idea of the average price that homes are selling for in the current market. It’s always good to keep an eye on this number if you’re in the market to buy or sell a home.
Overall, these metrics paint a picture of a competitive real estate market with high demand and low inventory. Sellers may have the upper hand in negotiations, while buyers may need to act fast and be prepared to make strong offers. Stay informed and make sure to work with a knowledgeable real estate agent to navigate the market successfully. Happy buying and selling!
