August-2024 Home Sales Trends in Mims, Florida
As a real estate professional, it is important to understand the correlation between key metrics in the housing market to provide valuable insights to both buyers and sellers.
First, let's look at the Months' Supply of Inventory, which currently stands at 3.66. This metric indicates how long it would take for all the current homes on the market to sell at the current pace of sales. A lower number indicates a seller's market, while a higher number indicates a buyer's market.
The 12-Month Change in Months of Inventory has increased by +57.76%, suggesting a shift towards a more balanced market or potentially a buyer's market. This increase may be due to a combination of factors such as an increase in listings or a decrease in sales activity.
The Median Days Homes are On the Market is 35, which shows that homes are selling relatively quickly in this market. This could be attributed to strong demand from buyers or well-priced listings that are attracting offers quickly.
The List to Sold Price Percentage is 98.8%, indicating that homes are typically selling very close to their asking price. This suggests that sellers are pricing their homes effectively and buyers are willing to pay close to the list price.
Finally, the Median Sold Price in this market is $315,000. This provides valuable information to both buyers and sellers in terms of understanding the current pricing trends in the market and what they can expect in terms of property values.
Overall, these metrics suggest a market that is relatively balanced with a moderate level of inventory, homes selling quickly, and prices holding strong. Buyers may find good opportunities in this market, while sellers can take advantage of the current conditions to maximize their returns. It is important for both buyers and sellers to stay informed about these key metrics to make well-informed decisions in the real estate market.
Want to dig a bit deeper into Real Estate Market trends
Subscribe to receive zip-code researched Real Estate Market Trends every month! Stay informed!
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