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I am Doug Wingfield, an Associate Broker and Global Luxury agent with Coldwell Banker – RPM Group in Hot Springs. Thank you for joining me today as we delve into the current real estate market and explore the correlation between several key metrics that will be of utmost importance to both buyers and sellers. By analyzing the data at hand, we aim to provide you with valuable insights that will help you make informed decisions.
Months Supply of Inventory, which currently stands at 4.13. This figure represents the number of months it would take to sell all the available homes on the market if no new properties were listed. A lower number suggests a seller’s market, indicating a higher demand for homes compared to the supply available.
The 12-Month Change in Months of Inventory, which is recorded at +49.1%. This data point reveals the percentage increase in the supply of homes over the past year. In this case, the positive sign signifies a significant rise in the number of available properties compared to the previous year, suggesting a potential shift towards a buyer’s market.
Moving on, we come to the Median Days Homes are On the Market, which currently stands at 47. This metric provides valuable information about the average time it takes for a home to sell. A lower number indicates a faster-paced market, with homes being snapped up more quickly, while a higher number suggests a slower market where properties may take longer to sell.
Next, we have the List to Sold Price Percentage, which currently stands at 95%. This figure represents the percentage of the original listing price that sellers typically receive when their homes are sold. A higher percentage suggests that sellers are often able to secure offers close to their asking price, indicating a strong market where buyers are willing to pay a significant portion of the listing price.
Lastly, let’s consider the Median Sold Price, which currently stands at $259,200. This figure represents the midpoint of all the sold prices in the market. It provides an overview of the general price range of homes being sold, and can be used as a guide by both buyers and sellers to understand the market’s overall pricing trends.
Now, let’s connect the dots and explore the correlation between these metrics. A higher Months Supply of Inventory, coupled with a positive 12-Month Change in Months of Inventory, suggests that the market may be shifting towards a buyer’s market. This could potentially lead to longer median days on the market and a slightly lower list to sold price percentage as buyers may have more options and negotiating power.
However, it’s important to note that the Median Sold Price remains relatively stable at $259,200. This indicates that, despite the potential shift in the market dynamics, home prices have remained consistent. This stability could be attributed to various factors such as strong demand, desirable location, or limited new construction.
In conclusion, the current real estate market appears to be experiencing a shift towards a buyer’s market, as indicated by the increase in Months Supply of Inventory over the past year. However, it’s worth noting that home prices remain steady, suggesting continued demand. Buyers may benefit from a wider selection of homes and potentially more negotiating power, while sellers should be mindful of setting realistic listing prices to attract buyers in this evolving market.
Thank you for reading this far, and we hope that this analysis has provided you with valuable insights into the current real estate landscape.
If you are considering a move, please consider giving me a call for a free consultation.
Doug Wingfield
501.699.0279
dwingfield@cbrpm.com
ASuperHome.com
