REALTORS® understand the correlation between key metrics in the housing market and use this information to provide valuable insights to both buyers and sellers.
In Grant County, NM, the Months Supply of Inventory, which currently stands at 5.34, indicates the number of months it would take for all the current single family homes on the market to be sold at the current pace of sales. A higher number suggests a buyer's market, while a lower number indicates a seller's market.
The 12-Month Change in Months of Inventory, which has increased by +11.95%, suggests that the housing market is experiencing a shift towards more inventory, potentially leading to a more balanced market or even a buyer's market in the near future.
The Median Days Homes are On the Market, which is 48, indicates the average number of days it takes for a home to sell. A lower number suggests a fast-paced market with high demand.
The List to Sold Price Percentage, which is 93.6%, shows that homes are typically selling for approximately 93.6% of their list price. This can be an indicator of the level of negotiation in the market.
Lastly, the Median Sold Price of $205,650 gives buyers and sellers an idea of the typical price point in the market. This can help sellers determine a competitive listing price and buyers understand the affordability of homes in the area.
Overall, these metrics paint a picture of a market that is experiencing some changes, potentially moving towards a more balanced market with increased inventory. Sellers may need to adjust their pricing strategies accordingly, while buyers may have more options to choose from. It is important for both parties to stay informed and work with a knowledgeable real estate agent to navigate these market conditions effectively.
Want to learn more about local market statistics? Contact your local REALTOR® today to get all the information you need to make an informed selling or buying decision.