Real estate metrics and valuable insights into the current state of the housing market in Boundary County. Whether you are a buyer or a seller, understanding these metrics can greatly aid you in making informed decisions about buying or selling real estate in Boundary County. This article is updated monthly to reflect the current market using the previous months data once it is available.
Months Supply of Inventory (Absorption Rate)
Firstly, the Months Supply of Inventory stands at 4.7. This metric measures the number of months it would take to sell all the currently available homes in the market if no new listings were added. A lower number indicates a seller's market, where demand exceeds supply, leading to potentially higher prices.
Next, the 12-Month Change in Months of Inventory has increased by +14.91%. This indicates a shift in the supply and demand dynamics over the past year. The rise in months of inventory suggests that there are more homes available on the market compared to the previous year. This could be an indication of a more balanced market or even a buyer's market, where there may be more negotiating power for buyers.
Median Days Homes are on the Market
The Median Days Homes are On the Market is 26. This metric measures the average number of days it takes for a home to go from being listed to being sold. A lower number typically suggests a faster-paced market, with properties selling relatively quickly. In this case, it indicates that homes are selling at a relatively brisk pace.
List to Sold Price Percentage
Moving on, the List to Sold Price Percentage is 98.2%. This metric reveals the percentage of the original listing price that homes are ultimately selling for. A higher percentage indicates that homes are selling close to, or even above, their original asking price. This could be a sign of strong demand and competition among buyers.
Median Sold Price & Median Estimated Property Value
Lastly, the Median Sold Price is $526,040. This figure represents the middle point of all the home prices sold in the market. It provides a snapshot of the overall price range and can help both buyers and sellers understand the market's general pricing trends.
Summary of the Boundary County Housing Market Trends
When we look at the correlation between these metrics, we can see a few interesting trends. The increase in the Months Supply of Inventory suggests a potential shift towards a more buyer-friendly market. This is further supported by the longer Median Days Homes are On the Market, indicating a slightly slower pace of sales. However, the List to Sold Price Percentage remains relatively high, suggesting that sellers are still able to command strong prices for their properties.
Considering all these factors, buyers may find themselves with more options and potentially more negotiating power, while sellers could still benefit from a market that favors higher sale prices. It's crucial for both parties to carefully analyze these metrics and consult with real estate professionals to make the most informed decisions.
In conclusion, the current real estate market appears to be in a state of transition, with a slight shift towards a more balanced or buyer-friendly environment. However, sellers can still take advantage of strong prices, and buyers should be prepared to act swiftly in order to secure their desired properties. Keeping an eye on these metrics and seeking professional advice will ensure that both buyers and sellers can navigate the market with confidence.
Using a Boundary County Real Estate Agent
These real estate metrics provide valuable insights into the current state of the Boundary County housing market. By examining these real estate metrics, buyers and sellers in Boundary County can gain a comprehensive understanding of the current market conditions.
However, it is important to note that the real estate market in Boundary County can vary greatly by location and time of year, so it is advisable to consult with a local Boundary County Real Estate Agent for accurate and up-to-date information specific to your area or home.
If you would like to know the value of your Boundary County home, give us a call today.