When it comes to real estate, there are several key metrics that buyers should pay attention to in order to make informed decisions. Let's look at the correlations between these metrics to understand their significance.
Firstly, let's consider the "Months Supply of Inventory," which currently stands at 2.6 on Lady's Island. This metric indicates how long it would take for all the available properties on the Ladys' Island market to sell, assuming no new listings are added. A lower number suggests a seller's market, where demand is high and supply is limited. Now, let's examine the "12-Month Change in Months of Inventory," which has increased by +30.65%. This percentage reflects the change in the months of inventory over the past year. A positive change indicates that inventory has increased, potentially shifting the market towards a buyer's market, where there are more options available.
Moving on to the "Median Days Homes are On the Market," we see that properties are typically sold within 16 days. This metric highlights how quickly homes are being purchased. A lower number suggests a competitive market where buyers need to act swiftly to secure a property. Next, we have the "List to Sold Price Percentage," which currently stands at 98%. This percentage represents the price at which properties are sold compared to their initial listing price. A higher percentage indicates that homes are selling close to or at the listed price, which suggests a stable and balanced market.
Lastly, we have the "Median Sold Price," which is currently $467,945. This figure represents the middle point of all sold prices in the market. It gives buyers an idea of the price range they can expect when looking for a property. When considering these metrics together, we can draw some insightful conclusions. The low "Months Supply of Inventory" suggests a competitive market, but the increasing "12-Month Change in Months of Inventory" indicates a potential shift towards more options for buyers. The short "Median Days Homes are On the Market" implies a fast-paced market, while the high "List to Sold Price Percentage" suggests a stable market where sellers are achieving their desired prices.
Overall, buyers should be prepared for a competitive market with limited supply, but the increasing inventory and stable pricing indicate a potential opportunity to find their dream home on Lady's Island. It is essential for buyers to act quickly, be realistic with their offers, and work closely with a real estate agent who can guide them through the process. Give us a call to discuss your real estate needs.Posted by Russell Fielden on