Moving to Maryland - GERMANTOWN MD - HOUSING MARKET UPDATE - SEPTEMBER 2023
Ladies and gentlemen, today we are going to dive into the fascinating world of real estate metrics. Buckle up, because we have some intriguing data to share with you that will surely pique the interest of both buyers and sellers alike.
Let's kick things off with the "Months Supply of Inventory," which stands at a modest 0.81. This metric essentially tells us how long it would take for all the current listings to be sold, assuming no new listings come onto the market. With a low value like this, it indicates that the market is leaning towards a seller's paradise. In other words, there is a scarcity of available properties, which can lead to increased competition and potentially higher prices.
Now, let's shift our focus to the "12-Month Change in Months of Inventory," which shows a staggering -43.36%. This figure represents the percentage decrease in the number of months it would take to sell all the current listings compared to the previous year. Such a significant decline suggests that the real estate market has experienced a surge in demand, resulting in a rapid reduction in available inventory. Buyers, take note! This might mean you need to act fast if you want to snag your dream home.
Moving on to the "Median Days Homes are On the Market," we find an astonishingly low number of 8. Yes, you heard that right, just 8 days! This metric tells us how long, on average, it takes for a property to go from listing to being sold. With such a short turnaround time, it's clear that houses are flying off the market like hotcakes. Sellers, rejoice! This indicates that there is a high demand for properties, allowing you to potentially sell your home quickly and efficiently.
Now, let's talk about the "List to Sold Price Percentage," which stands at an impressive 101.7%. This metric reveals the average percentage of the list price that the final selling price reaches. In simpler terms, homes are selling for slightly more than their asking price, indicating that buyers are willing to pay a premium to secure their desired property. Sellers, this might be music to your ears, as it suggests that you have the potential to make a nice profit on your investment.
Lastly, we have the "Median Sold Price," which currently stands at a respectable $375,000. This figure represents the middle value of all the sold home prices in the area. It gives us a glimpse into the overall price range of properties being sold. With a median price like this, it suggests that there is a healthy mix of affordable and higher-end homes available, catering to a wide range of buyers.
So, there you have it, folks! These real estate metrics provide a captivating snapshot of the current market conditions. Buyers, be prepared for a competitive landscape with limited inventory, but don't be discouraged. Sellers, rejoice in the potential for fast sales and potentially fetching a premium price. No matter which side of the spectrum you fall on, the real estate market is certainly buzzing with excitement. Happy buying and selling!
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-Mac
William McCord III
McCord Realtor LLC
Direct: 240-801-5770
Email: mac@mccordrealtor.com
RE/MAX Realty Centre
Office: 301-591-3920