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  • Fresno Market Watch Oct 2023

Ladies and gentlemen, thank you for joining me today as we delve into the fascinating world of real estate metrics. Whether you are a buyer or a seller, understanding these metrics can provide valuable insights into the current state of the housing market. So, let's jump right in and explore the correlation between the following real estate metrics.

Firstly, let's examine the "Months Supply of Inventory," which currently stands at 1.6. This metric indicates the number of months it would take to sell all the available homes on the market, assuming no new listings come in. With a low value of 1.6, we can infer that there is a limited supply of houses relative to the demand. This scarcity can create a competitive environment, potentially driving up prices.

Now, let's turn our attention to the "12-Month Change in Months of Inventory," which reveals a decline of 18.37%. This negative change implies that the supply of homes has decreased over the past year. This reduction in inventory could be attributed to factors such as increased demand or a slowdown in new housing construction. Regardless, it suggests a tightening market where buyers may face more competition.

Moving on, we come to the "Median Days Homes are On the Market," which currently stands at 21 days. This metric tells us how long, on average, it takes for a home to sell. With such a low number, it is evident that houses are being snatched up quickly. This rapid turnover suggests a robust demand, potentially indicating a seller's market. Buyers should be prepared to act swiftly in order to secure their dream home.

Next, we have the "List to Sold Price Percentage," which currently sits at 100.3%. This metric represents the percentage of the list price that a home ultimately sells for. A value above 100% indicates that, on average, homes are selling for more than their initial asking price. This phenomenon can be attributed to multiple offers, bidding wars, or simply a lack of inventory. Sellers can take advantage of this favorable condition, while buyers may need to be prepared to make competitive offers.

Lastly, let's examine the "Median Sold Price," which currently stands at $400,000. This metric provides a glimpse into the average price at which homes are selling. With a median value of $400,000, it suggests a relatively high-priced market. However, it is essential to note that this figure represents the midpoint, meaning there are homes both above and below this price range. Buyers and sellers should consider this figure as a reference point when determining their expectations.

To recap, we have explored several real estate metrics that can serve as valuable indicators for buyers and sellers alike. The low "Months Supply of Inventory" and decreasing "12-Month Change in Months of Inventory" suggest a limited supply and a tightening market. The short "Median Days Homes are On the Market" indicates a fast-paced environment, while the "List to Sold Price Percentage" above 100% signifies a potentially competitive landscape. Lastly, the "Median Sold Price" of $400,000 provides insight into the average price range.

Remember, these metrics are just a snapshot of the current market conditions and should be interpreted alongside other factors. Whether you are looking to buy or sell, staying informed about these metrics can help guide your real estate decisions. Thank you for joining me today, and I wish you all the best in your real estate endeavors.

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