Cornelius, NC Real Estate Market Trends For December 2023
Ladies and gentlemen, today we have some exciting real estate metrics to discuss that will surely pique the interest of both buyers and sellers. So, let’s dive right in and explore the fascinating correlations between these data points for the Cornelius, NC market.
First off, we have the “Months Supply of Inventory” which currently stands at a low 1.28. This metric is a reflection of the number of months it would take to sell all the available homes on the market if no new listings were added. A low months supply of inventory generally indicates a seller’s market, where demand outpaces supply. This can create a sense of urgency among buyers, as competition for homes intensifies.
Now, let’s move on to the “12-Month Change in Months of Inventory” which shows a significant decrease of -29.67%. This impressive decrease indicates a decreasing trend in the number of months it takes to sell all the available homes. It suggests that the market has become even more competitive and fast-paced compared to the previous year. Sellers can take solace in knowing that their homes are likely to be sold relatively quickly.
Days On Market
Next, we have the “Median Days Homes are On the Market” which currently stands at a mere 34 days. This metric reveals the average number of days it takes for a home to go from listing to being sold. With such a short duration, it’s clear that the real estate market is moving at lightning speed. Buyers need to be prepared to make quick decisions and act promptly if they want to secure their dream home.
Sale Price Versus List Price
Moving on, we have the “List to Sold Price Percentage” which currently stands at 96.8%. This metric indicates the percentage of the listing price that homes are actually selling for. A high percentage like this suggests that sellers are generally receiving offers close to their asking price. This can be encouraging for sellers who are looking to maximize their return on investment.
Median Sold Price
Lastly, we have the “Median Sold Price” which currently sits at an impressive $728,500. This metric represents the middle point of all the sold home prices in the market. A higher median sold price indicates a robust real estate market with strong demand and potentially appreciating property values. Sellers can take comfort in knowing that their properties have the potential to fetch a handsome price.
What The Numbers Mean
In summary, these real estate metrics paint a compelling picture for both buyers and sellers. With a low months supply of inventory, decreasing trend in inventory, short durations for homes on the market, high list to sold price percentages, and a solid median sold price, it’s clear that the market favors sellers. However, buyers need not despair as these metrics also highlight the need for quick decision-making and the potential for finding their dream home.
So, whether you’re a buyer or a seller, the current real estate market presents exciting opportunities. Buyers, be ready to act swiftly, and sellers, rejoice in the potential for a profitable sale. Happy house hunting and selling!
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