Market Overview: July 2024 continues to be a strong seller's market, characterized by low inventory levels and a high list-to-sold price ratio. The latest data indicates a competitive environment where sellers hold the upper hand, while buyers face tight inventory and quickly moving listings.
Key Market Metrics:
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Months of Inventory: 1.56
The months of inventory measure, currently at 1.56, is a clear indicator that we remain firmly in a seller's market. This metric reflects how long it would take to sell all the current homes on the market at the current pace of sales. A decrease of 12.85% month-over-month suggests an even tighter market compared to the previous month, signaling fewer available homes for buyers to choose from.
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List to Sold Price Percentage: 101.8%
Homes continue to sell at prices slightly above their list price, with the list-to-sold price ratio at 101.8%. This means that, on average, homes are selling for 1.8% more than their asking price. Though this metric has decreased slightly by 0.42% from the previous month, it still reflects a competitive environment with strong demand from buyers.
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Median Days in Market: 9 days
Properties are moving quickly, with a median of just 9 days on the market. This is a 10% decrease from the previous month, indicating that homes are selling faster. Buyers need to act swiftly to secure a property, and sellers are benefiting from the quick turnaround.
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Median Sold Price: $962,500
The median sold price of homes in July 2024 is $962,500, reflecting a healthy increase of 5.77% month-over-month. This uptick suggests that demand remains robust, and buyers are willing to pay more to secure homes in this competitive market.
What This Means for Buyers and Sellers:
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For Sellers:
The current market conditions are favorable for sellers, with homes selling quickly and often above the asking price. Low inventory means less competition, and the rising median sold price offers an excellent opportunity for those looking to maximize their return on investment.
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For Buyers:
Buyers need to be prepared to act fast in this market. With homes selling quickly and often above list price, having pre-approval and a clear understanding of the local market dynamics is crucial. Buyers may face challenges such as bidding wars and limited options due to the low months of inventory.
Conclusion:
July 2024 remains a competitive seller's market, marked by low inventory, quick sales, and rising prices. While this environment is advantageous for sellers, buyers should be ready to navigate a fast-paced and competitive landscape. As always, working with a knowledgeable real estate agent can help both buyers and sellers make informed decisions in this dynamic market.
Stay tuned for next month's update to see how the market evolves!