By: Alison North, The Avenue Group: Realtor and Team Lead
Welcome to On The Move with The Avenue Group! In today's edition, we've got your December 2023 real estate metrics analysis. We have a treasure trove of data that will shed light on the current market trends, specifically targeting our valued buyers and sellers. So, let's dive in.
First up, we have the month's Supply of Inventory, which stands at 1.38. This metric tells us how long it would take for all the current listings to sell, given the current pace of sales. A lower number indicates a greater demand for properties and a faster turnover rate. With a supply of only 1.38 months, we can confidently say that the market is hot right now!
Next, we have the 12-month Change in Months of Inventory, which shows a decline of 9.8%. This means that over the past year, the inventory of available homes has decreased significantly. This decrease in supply suggests a tightening market, where buyers may face increased competition for properties. Sellers, on the other hand, can expect a higher demand for their homes, potentially leading to quicker sales.
Now, let's talk about the Median Days Homes are On the Market, a key indicator of how long it takes for homes to sell. At just 15 days, this metric highlights the swift pace at which eager buyers are snapping up properties. If you're a seller, this means that you can expect your home to be off the market in no time!
Moving on, we have the List to Sold Price Percentage, which is an impressive 98.9%. This metric reveals the percentage of the listing price that homes are selling for. A higher percentage indicates that sellers are receiving offers close to or even above their asking prices. Buyers, this means that you may need to be prepared to make competitive offers if you want to secure your dream home.
Last but certainly not least, the Median Sold Price stands at a respectable $173,450. This figure represents the middle price point at which homes have sold, indicating a healthy market with a range of affordable options. Buyers, this means that there are opportunities to find a great deal within this price range. Sellers, it's a promising sign that you can potentially achieve a favorable sale price.
In summary, our real estate metrics analysis paints a picture of a dynamic market that heavily favors sellers. With a low supply of inventory, decreasing months of inventory, quick sales, high list-to-sold price percentages, and a solid median sold price, sellers can expect a favorable market where they can sell their homes quickly and potentially at or above their asking prices. Buyers, on the other hand, should be prepared for fast-paced competition and may need to act swiftly to secure their desired properties.
Thank you for joining us today, and we hope this analysis has provided valuable insights for both buyers and sellers. Happy home hunting and selling!
With over 20 years of combined experience, The Avenue Group offers exceptional service and knowledge of our local real estate market. Combined with the incredible network and resources of Gallery Homes Real Estate, we offer our clientele an energetic work ethic with a detail-oriented approach. Call or text The Avenue Group real estate agents: Alison North 937-206-2273, Dara Errett 937-244-4136, or Maegan Benne 706-840-2466 to get started. Or visit our website AvenueOhio.com.
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