To understand the Mooresville, NC real estate market, there are several important metrics that can provide valuable insights for both buyers and sellers. Let’s take a closer look at the correlation between these metrics to help you make informed decisions.
Months Supply
First off, let’s consider the Months Supply of Inventory, which currently stands at 2.76. This metric represents the number of months it would take to sell all the available homes on the market if no new properties were added. A lower number indicates a seller’s market, where demand outweighs supply, potentially leading to higher prices.
Now, let’s examine the 12-Month Change in Months of Inventory, which shows a positive increase of 23.21%. This means that there has been a significant rise in the number of months it would take to sell all the available inventory compared to the same time last year. This increase suggests a potential shift towards a buyer’s market, where there is more supply than demand.
Days On Market
Moving on to the Median Days Homes are On the Market, we see that it is currently 32 days. This metric indicates the average time it takes for a home to sell once it is listed. A lower number here suggests a faster-paced market, where properties are being snatched up quickly, potentially indicating high demand and competition.
Sale Price Versus List Price
Next, let’s consider the List to Sold Price Percentage, which stands at 98.5%. This metric reveals the percentage at which homes are selling compared to their initial listing price. A higher percentage indicates that homes are typically selling close to or at their asking price. This figure demonstrates that sellers are achieving a high level of success in securing favorable offers.
Median Sold Price
Lastly, we have the Median Sold Price, which currently sits at $469,580. This metric represents the midpoint of all the sold prices in a given area. It gives us an idea of the general price range of homes being sold. The higher the median sold price, the more expensive the homes in that market tend to be.
What The Numbers Mean
When we examine the correlation between these real estate metrics, we can see some interesting patterns. The low Months Supply of Inventory and high List to Sold Price Percentage suggest a market with strong demand and limited supply, favoring sellers. However, the increased 12-Month Change in Months of Inventory indicates a potential shift towards a more balanced market, giving buyers more options and potentially leading to more negotiation power.
The Median Days Homes are On the Market figure of 32 days suggests a fast-paced market, where properties are selling quickly. Additionally, the higher Median Sold Price of $469,580 indicates that homes in this market tend to be on the pricier side.
Conclusion
Overall, this data suggests that while sellers are currently enjoying favorable conditions, buyers may find more opportunities in the near future due to the increasing inventory. However, it’s important to consider that real estate markets can vary greatly depending on location, so it’s always beneficial to consult with a local real estate professional for a more accurate understanding of your specific market.
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