The real estate market is currently experiencing a tight inventory with only 1.23 months supply available. This means that there are more buyers than there are homes for sale, leading to increased competition and potentially higher prices.
Over the past 12 months, there has been a decrease in the number of months of inventory available, indicating a trend of decreasing supply. This could be attributed to a strong demand for homes in the area, driving down the amount of time it takes for homes to sell.
Homes in this market are selling quickly, with a median of only 12 days on the market. This rapid turnover suggests that buyers need to act fast in order to secure a property in this competitive market.
Sellers in this market are seeing strong returns on their investments, with homes selling for an average of 101.1% of their listing price. This indicates that buyers are willing to pay above asking price for properties in this area.
The median sold price for homes in this market is $841,500, reflecting the high demand and limited supply of homes available. Buyers should be prepared to potentially pay a premium for properties in this market, while sellers have the opportunity to capitalize on the current market conditions.
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