The real estate market is currently experiencing a low inventory with only 2.25 months supply available. This means that there are fewer homes available for sale, creating a competitive market for buyers.
Over the past 12 months, there has been a significant increase of 21.62% in the months of inventory, indicating a shift towards a more balanced market. This could potentially mean more options for buyers and less competition among sellers.
Homes are selling quickly with a median of only 8 days on the market. This rapid turnover suggests a high demand for properties in the area, making it an attractive market for sellers looking to make a quick sale.
The list to sold price percentage is also strong at 98.8%, indicating that homes are selling close to their listing price. This shows that sellers are pricing their homes competitively and buyers are willing to pay close to asking price.
With a median sold price of $1,208,500, the market is showing strong appreciation in property values. This could be a good sign for sellers looking to maximize their return on investment.
Overall, the current real estate market is dynamic and fast-moving, with low inventory, quick sales, and strong pricing. Buyers and sellers should be prepared to act quickly and strategically to take advantage of the current market conditions.
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