August-2024 Home Sales Trends in Merritt Island, Florida
As a potential buyer or seller in today's real estate market, it's important to understand the correlation between key metrics to make informed decisions.
First, let's look at the Months Supply of Inventory, which currently stands at 3.48. This metric indicates the number of months it would take to sell all available homes on the market at the current pace of sales. A lower number typically signifies a seller's market, while a higher number suggests a buyer's market.
The 12-Month Change in Months of Inventory is a significant +25.18%, showing an increase in the supply of homes compared to the previous year. This could indicate a shift towards a more balanced market, providing buyers with more options and potentially leading to softer prices.
The Median Days Homes are On the Market is 73, indicating the average amount of time it takes for a home to sell. A lower number suggests a faster-moving market, while a higher number may indicate homes are sitting on the market longer.
The List to Sold Price Percentage is 95.5%, which shows that homes are typically selling for 95.5% of their listed price. This metric can give sellers an idea of how much negotiating power they may have in the current market.
Lastly, the Median Sold Price is $562,500, providing a benchmark for current home values in the area. This can be useful for both buyers and sellers in determining fair market prices for properties.
Overall, these metrics paint a picture of a market that is experiencing an increase in inventory, potentially leading to more favorable conditions for buyers. However, homes are still selling relatively quickly and close to their asking prices, indicating a healthy level of demand. It's essential for buyers and sellers to stay informed on these metrics to make informed decisions in today's real estate market.
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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