Understanding Real Estate Metrics: A Seller's Guide
As a seller, grasping the relationships between key real estate metrics is crucial for making informed decisions about listing your property. Here's a breakdown of the current market conditions:
Months Supply of Inventory: 7.17
This metric indicates how long it would take for all current listings to sell at the current sales pace. A higher number suggests a buyer's market, while a lower number indicates a seller's market.
12-Month Change in Months of Inventory: +39.49%
The significant increase in inventory suggests a more competitive market, which may require sellers to adjust their pricing strategy.
Median Days Homes are On the Market: 60
This metric indicates the average number of days it takes for a property to sell. A lower median days on market suggests a faster turnover rate and a strong market for sellers.
List to Sold Price Percentage: 96.2%
This metric shows that homes are selling for 96.2% of their listed price, on average. Sellers can use this information to understand the negotiating room in the market and guide pricing decisions.
Median Sold Price: $540,000
This metric provides sellers with an idea of the average sales price in the market, helping them set a competitive listing price and attract potential buyers.
Key Takeaways
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Understanding the correlations between these real estate metrics can help sellers navigate the market effectively.
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The current market conditions suggest a more competitive landscape, requiring sellers to adjust their pricing strategy.
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By leveraging these insights, sellers can maximize their chances of a successful sale.
Read the Full Report here: 32408 Residential Market Trends, Realtors Property Resource
Listing agent and location for image above, Jena Buchanan, REALTOR, Century 21 Ryan Realty, Direct: (229) 854-6558
https://jenabuchanan.sites.c21.homes/listing/FL/Panama-City-Beach/525-Wahoo-Road-32408/194162001
https://jenabuchanan.sites.c21.homes/listing/FL/Panama-City-Beach/525-Wahoo-Road-32408/194162001
Local Market Update for December 2024
U.S. Existing-Home Sales See Second Consecutive Month of Growth!
The latest numbers from the National Association of REALTORS® (NAR) reveal a 4.8% increase in existing-home sales, reaching an eight-month high of 4.15 million units. This marks a 6.1% year-over-year increase, the largest since June 2021.
Here's a breakdown of the local market:
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Detached Single Family Closed Sales: -4.2% to 300
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Townhouse/Condo Closed Sales: +11.8% to 104
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Mobile/Manufactured Closed Sales: +14.8% to 31
Median sales prices saw mixed results:
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Detached Single Family: -6.9% to $330,650
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Townhouse/Condo: -7.2% to $369,500
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Mobile/Manufactured: +5.7% to $166,000
Inventory remains a challenge, with a 2.9% decrease from the previous month and a 17.7% increase year-over-year. The current 3.8-month supply of homes for sale continues to drive up sales prices nationwide, with a median existing-home price of $406,100, up 4.7% from last year. Stay informed about the latest real estate trends and market updates!
Click Here for the Local Market Update Dec 2024, Bay County
Click Here for Monthly Indicators, Bay County
Maximize Your Home's Value with Local Expertise
To get the best price for your home, it's crucial to understand the unique dynamics of your local market. Our experienced real estate team can provide you with a personalized market analysis to determine your home's accurate value. Avoid the risks of underpricing or overpricing your property.
Contact us today to schedule your market analysis and let us guide you in selling your home for top dollar!
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