Flathead Valley Buyers/Investors Sep 2024
As a potential buyer in the current real estate market, it is important to understand the correlation between various key metrics to make informed decisions.
Firstly, let's look at the Months Supply of Inventory, which currently stands at 7.08. This metric represents the number of months it would take to sell all the homes on the market at the current pace of sales. A lower number indicates a seller's market, while a higher number suggests a buyer's market. With a Months Supply of Inventory at 7.08, we are in a balanced market where neither buyers nor sellers have a significant advantage.
The 12-Month Change in Months of Inventory is also a crucial metric to consider, with a positive change of +19.59% indicating an increase in available inventory compared to the previous year. This could potentially provide buyers with more options and negotiating power.
The Median Days Homes are On the Market is 43, which indicates that homes are selling relatively quickly in this market. This could be attributed to the List to Sold Price Percentage of 97.2%, showing that homes are typically selling close to their listing price. Buyers should be prepared to act quickly and make competitive offers in order to secure a property.
Lastly, the Median Sold Price of $583,000 gives buyers an idea of the average price point in this market. It is essential for buyers to have a clear understanding of the local market trends and pricing to make informed decisions when purchasing a home.
In conclusion, the current real estate market offers a balanced inventory level, with increasing options for buyers compared to the previous year. Homes are selling quickly and close to their listing price, making it important for buyers to be prepared to act decisively. Understanding these metrics will help buyers navigate the market effectively and make confident purchasing decisions.
