Auburn Lakes Real Estate Market Update and Trends April 07, 2024
Hi Friends, as a real estate professional, it is important to understand the correlation between key metrics in the market to provide valuable insights to both buyers and sellers. The current Months Supply of Inventory stands at 1.31, indicating a tight market with limited available properties for sale. This low supply has led to a significant decrease in the 12-Month Change in Months of Inventory, which has dropped by 21.08% compared to the previous year.
The Median Days Homes are On the Market is a mere 7 days, showcasing the high demand and quick turnover of properties in this market. Additionally, the List to Sold Price Percentage is at an impressive 98.5%, indicating that homes are selling close to their asking price.
All of these factors contribute to the Median Sold Price of $499,372, reflecting the strong demand and limited supply driving up prices in this market. For buyers, this data suggests that they may face stiff competition and should be prepared to act quickly when a desirable property becomes available. Sellers, on the other hand, can take advantage of the current market conditions to potentially achieve a higher selling price for their home.
Overall, these metrics paint a picture of a competitive and fast-paced real estate market, where both buyers and sellers need to be well-informed and prepared to navigate the challenges and opportunities that come with such conditions.
If you have any questions and need help with market trends and updates, reach out to Jennifer Yoingco, REALTOR®, and her team in The Houston Suburb Group, so you can get ready to EXPERIENCE LIVING IN HOUSTON, TEXAS!
Jeanette San Luis is a blog contributor, a double degree major in BS Chemical Engineering and BS Nursing, and graduated Magna Cum Laude and Summa Cum Laude respectively. She has won numerous accolades and was named one of Houston Chronicles TOP 150 Outstanding Nurses in 2016 and 2019. In her dual role as a REALTOR®, she empathizes and understands the needs of her clients; therefore, you are in very good hands.
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