Welcome to the exciting world of North Fort Worth real estate! As a Realtor, I am dedicated to helping buyers, sellers, and tenants navigate the market and make informed decisions. One of the first steps to success in real estate is understanding the key metrics that drive the market. So, let's dive in and explore the correlation between these metrics. All this data is from the December 2023 metrics.
First up, the Months Supply of Inventory, currently at 2.48. This number reflects the estimated time it would take to sell all the homes on the market based on the current sales pace. A lower supply indicates a seller's market, where demand is high and supply is low, giving sellers the advantage.
Next, let's consider the 12-Month Change in Months of Inventory, which shows a decrease of -18.95%. This is an important metric to pay attention to as it indicates a significant decrease in inventory compared to the previous year. For buyers, this means a more competitive market with fewer options to choose from. On the other hand, sellers can expect increased demand and potentially a faster selling process.
Median Days Homes are On the Market, clocking in at 44. This metric is a great indicator of how quickly homes are selling. With a relatively low number, it's safe to say that we're in a fast-paced market where homes are flying off the market. This means that buyers need to be ready to make quick decisions and act fast, while sellers can expect their property to sell in a relatively short time frame.
Now let's talk numbers. The List to Sold Price Percentage stands at 97.4%, representing the ratio between the listing price and the final sold price of a property. This is a key metric for both buyers and sellers as it can give valuable insights into the negotiation power of sellers. With a higher percentage, sellers can expect to negotiate close to their asking price, while buyers may need to offer competitive prices to secure a property.
Lastly, the Median Sold Price currently stands at $348,990. This number serves as a guide for both buyers and sellers to understand the price range in the market. Sellers can use this information to set a competitive listing price, while buyers can gauge what they can expect to pay for a property.
So, what do all these metrics mean for buyers and sellers in North Fort Worth? In short, it's a seller's market with low inventory and quick-selling homes. For buyers, this means being prepared to act fast and offer competitive prices. For sellers, it's a positive sign with the potential for a quicker selling process and strong negotiations on price.
In conclusion, understanding these real estate metrics is crucial for success in the North Fort Worth market. Whether you're looking to buy, sell, or rent, be sure to keep these key numbers in mind and work with a trusted Realtor who can guide you through the process. With these insights in hand, you'll be well on your way to achieving your real estate goals. Happy house hunting!
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