Realtor members of NorthstarMLS have lots of data available. AI has been added to the mix. The market reports below are for Douglas County residential properties (lakefront, off the lake, single family, condos, townhomes). When creating the report there is the option to choose a tone. For the first report, I opted for engaging.
📅 June 2023 Market Update 📈 Douglas County, Minnesota 🏡🌲
📊 Did you know that the current Months Supply of Inventory is at an all-time low of 2.09 months? That means there are limited options available, making it a competitive market for buyers like you! ⏳🔍
📉 Over the past 12 months, the Months Supply of Inventory has decreased by 9.13%. This indicates a growing demand in the area, potentially leading to an increase in home values in the future. 📈💰
💰💼 In terms of pricing, the List to Sold Price percentage is an impressive 99.7%. This means that sellers are getting close to their asking price, making negotiations a crucial part of your home buying journey. 🏡💪
⏰ Looking to make a move quickly? The median days on market is only 10 days! Homes are selling like hotcakes, so it’s essential to act fast when you find your dream home. ⚡️🔥
💲💎 Lastly, the median sold price currently stands at $358,000. This gives you an idea of the price range you can expect when searching for your new home in Douglas County. 💲✨
👉 Contact me, Craig Mische, your local REALTOR®, to navigate this competitive market with confidence. I’m here to help you find the perfect home that fits your needs and budget. Let’s make your homeownership dreams a reality! 🙌🏡
#DouglasCountyRealEstate #Homebuying #MarketTrends #BuyWithConfidence
Another report…for this report I chose the tone to be conversational.
When it comes to real estate metrics, it’s important for buyers to understand how they interrelate to make informed decisions. Let’s delve into the correlation between these data points to help you navigate the housing market.
Starting with the Months Supply of Inventory, which stands at 2.09, this metric measures the number of months it would take to sell all the homes currently on the market. A lower number indicates a seller’s market, where demand outpaces supply. In this case, with a 2.09 months supply, it suggests a relatively limited inventory, implying a competitive market.
Now, let’s look at the 12-Month Change in Months of Inventory, which shows a decrease of 9.13%. This data point highlights the change in the supply of homes over the past year. A negative percentage signifies a decline in inventory. In this scenario, the decrease indicates that the number of homes available for sale has decreased, potentially intensifying the competition amongst buyers.
Moving on to the Median Days Homes are On the Market, which is just 10 days. This metric reflects the average number of days it takes for a home to go from being listed to being sold. A low median days on market suggests that homes are selling quickly. In this case, with an average of only 10 days, it indicates a fast-paced market where buyers must act swiftly to secure a property.
Next, we have the List to Sold Price Percentage, which stands at an impressive 99.7%. This metric reveals the percentage at which homes are selling relative to their listing price. A higher percentage indicates that homes are generally sold very close to their asking price. With a 99.7% list to sold price percentage, it suggests that sellers are receiving offers very close to their initial asking prices, leaving little room for negotiation.
Lastly, the Median Sold Price is $358,000. This figure represents the midpoint of all the home sale prices in a given area. It provides an overall snapshot of the local market. In this case, with a median sold price of $358,000, it indicates the average price at which homes are being sold in the current market.
When looking at the correlation between these real estate metrics, it becomes clear that there is a competitive market with limited inventory. The low Months Supply of Inventory and the decreasing trend in the 12-Month Change in Months of Inventory indicate a tightening housing market. Additionally, the low Median Days Homes are On the Market suggests that properties are selling rapidly, potentially leading to multiple offers and bidding wars. The high List to Sold Price Percentage implies that sellers are achieving close to their asking prices. Finally, the Median Sold Price of $358,000 gives buyers an idea of the average price range they can expect in the current market.
Understanding these correlations can help buyers adjust their expectations, act swiftly, and develop effective strategies when searching for their ideal home in a competitive market.
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