Tallahassee Real Estate Update June 2023!

Attention sellers! Today, we are diving into the fascinating world of real estate metrics to help you understand the correlation between these key indicators. So sit back, relax, and get ready to be engaged and interested in what these numbers have to say about your selling journey.

Let's start with the months supply of inventory, which currently stands at 7.02. Now, you might be wondering what this means for you as a seller. Well, this metric essentially measures how long it would take for all the current listings to be sold, given the current rate of sales. With a months supply of inventory of 7.02, it suggests that there is a healthy balance between supply and demand in the market. This means that while there are enough homes available for buyers to choose from, it is not overwhelmingly flooded with options, which could potentially drive down prices.

Now, let's move on to the 12-month change in months of inventory, which is showing a remarkable decrease of -27.93%. This significant drop indicates that the market has become increasingly competitive for buyers. As a seller, this is great news for you because it suggests that there are more buyers in the market than there are homes available. This heightened demand can potentially lead to quicker sales and even multiple offers on your property.

Next up, we have the median days homes are on the market, which currently stands at 39. This metric gives you an idea of how long it takes, on average, for a home to be sold. With a relatively low median days on the market, it suggests that homes are selling at a brisk pace. This is a positive sign for sellers as it indicates that there is strong buyer interest in the market.

Moving on, let's talk about the list to sold price percentage, which is an impressive 99.8%. This metric measures the percentage of the original list price that a home sells for. A high list to sold price percentage like 99.8% indicates that sellers are able to sell their homes very close to their asking price. This is excellent news for you as it suggests that buyers are willing to pay a premium for the properties on the market.

Finally, let's discuss the median sold price, which is currently $320,000. This metric represents the middle point of all the sold prices in a given area or market. With a median sold price of $320,000, it indicates that sellers are achieving a healthy price for their homes. This is encouraging for you as it suggests that there is strong demand for properties at this price point.

In conclusion, the correlation between these real estate metrics paints a positive picture for sellers. The months supply of inventory, the 12-month change in months of inventory, the median days homes are on the market, the list to sold price percentage, and the median sold price all indicate a robust and competitive market. So get ready to take advantage of this favorable selling environment and make the most of your real estate journey. Good luck!

Tatyana Grigoryan

Century 21 First Story Real Estate

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