August-2024 Home Sales Trends in Bradford County, Florida
As a potential buyer or seller in the current real estate market, it is important to understand the correlation between various key metrics to make informed decisions.
The Months Supply of Inventory, which currently stands at 4.63, indicates the number of months it would take to sell all existing inventory at the current sales pace. A lower number typically signifies a seller's market, while a higher number indicates a buyer's market. In this case, the 4.63 figure suggests a balanced market where supply and demand are relatively even.
The 12-Month Change in Months of Inventory, which has increased by +36.18%, indicates a shift towards more inventory relative to demand over the past year. This could be attributed to various factors such as an increase in new listings or a decrease in sales activity.
The Median Days Homes are On the Market, at 66 days, gives an indication of how quickly homes are selling in the current market. A lower number suggests a faster-moving market, while a higher number indicates a slower pace of sales. The 66-day figure suggests that homes are selling at a moderate pace.
The List to Sold Price Percentage, at 96.8%, represents the percentage of the listing price that homes are ultimately sold for. A higher percentage indicates that sellers are receiving offers close to their asking price, while a lower percentage may suggest negotiations and price reductions are common. The 96.8% figure suggests that sellers are generally receiving offers close to their list price.
Lastly, the Median Sold Price of $215,000 gives an indication of the typical price at which homes are selling in the market. This figure can be used as a reference point for both buyers and sellers when determining the value of a property.
Overall, the data points mentioned above paint a picture of a real estate market that is balanced in terms of supply and demand, with homes selling at a reasonable pace and at prices close to their listing price. Buyers and sellers can use this information to make informed decisions about their real estate transactions.
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By
Brian Rice
Brian is the owner and managing Broker at Real Estate Kingz LLC, a Florida licensed Real Estate Brokerage. You can contact Brian at 866-735-4649 (866-Re-Kingz) or visit BrianRiceRealtor.com