Real estate metrics and valuable insights into the current state of the housing market in Shoshone 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 Shoshone 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, let's examine the "Months Supply of Inventory," which stands at 4.25. This metric indicates the number of months it would take to sell all the current homes on the market if no new listings were added. A lower number suggests a seller's market, where demand exceeds supply, leading to potentially higher prices and faster sales.
Now, let's analyze the "12-Month Change in Months of Inventory," which shows a staggering increase of +44.56%. This indicates that the supply of homes has increased significantly over the past year. While this may suggest a shift towards a buyer's market, where supply exceeds demand, it is essential to consider the other metrics to gain a comprehensive understanding.
Median Days Homes are on the Market
Moving on, we have the "Median Days Homes are On the Market," which stands at an impressive 6 days. This metric emphasizes the speed at which homes are being sold. With such a low number, it is evident that the market is incredibly competitive, with buyers quickly snatching up available properties. This is excellent news for sellers, as it indicates a high demand for homes.
List to Sold Price Percentage
Next, we have the "List to Sold Price Percentage," which stands at 96.4%. This metric calculates the percentage of the original listing price that a home sells for. A higher percentage suggests that sellers are receiving close to their initial asking price, indicating a strong market. In this case, sellers can expect to receive a significant portion of their desired price, further highlighting the current demand.
Median Sold Price & Median Estimated Property Value
Lastly, we come to the "Median Sold Price," which is $260,000. This metric represents the middle price point of all the homes sold in a specific period. This figure provides a snapshot of the market's overall pricing. With a median sold price of $260,000, we can infer that the market is performing well, with properties commanding a respectable value.
Summary of the Shoshone County Housing Market Trends
In conclusion, when we analyze these real estate metrics collectively, we observe a dynamic market that is favorable for sellers. Although the inventory has increased over the past year, there is still high demand for homes, leading to quick sales and sellers receiving a substantial portion of their asking price. These factors, combined with a low median days on the market and a respectable median sold price, suggest a robust and competitive real estate market.
For buyers, this information serves as a reminder that the market is competitive, and it may require swift decision-making and potentially making strong offers to secure a desired property. On the other hand, sellers can take comfort in knowing that the current market conditions are favorable for them, with properties selling quickly and at prices close to their listing price.
Remember, real estate is a dynamic market, and these metrics can change over time. It is crucial for both buyers and sellers to stay informed and work with trusted professionals to navigate this ever-evolving landscape successfully.
Using a Shoshone County Real Estate Agent
These real estate metrics provide valuable insights into the current state of the Shoshone County housing market. By examining these real estate metrics, buyers and sellers in Shoshone County can gain a comprehensive understanding of the current market conditions.
However, it is important to note that the real estate market in Shoshone County can vary greatly by location and time of year, so it is advisable to consult with a local Shoshone 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 Shoshone County home, give us a call today.