August-2024 Home Sales Trends in Micco, Florida
As a real estate broker, it is important to understand the correlation between key metrics in the housing market to make informed decisions.
First, let's look at the Months Supply of Inventory, which currently stands at 5.4. This metric indicates the number of months it would take to sell all the homes on the market at the current pace of sales. A lower number typically signifies a seller's market, while a higher number indicates a buyer's market.
The 12-Month Change in Months of Inventory has increased by +45.55%, suggesting that the market is experiencing a shift towards more inventory. This could be due to an increase in new listings or a decrease in sales activity.
The Median Days Homes are On the Market is 19, which indicates that homes are selling relatively quickly in this market. This could be attributed to high demand or competitive pricing strategies by sellers.
The List to Sold Price Percentage is 91.3%, indicating that homes are typically selling for about 91.3% of their list price. This metric gives insight into the negotiation power of buyers and sellers in the market.
Lastly, the Median Sold Price is $162,500, providing a benchmark for the average selling price of homes in the area. This metric is crucial for both buyers and sellers to understand market trends and make informed decisions.
In summary, the data suggests that there is a balanced market with a moderate supply of inventory, quick sales, and homes selling close to their list price. Buyers and sellers should consider these metrics when entering the real estate market to ensure a successful transaction.
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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