🏡📊 Dwain Ammons, REALTOR® with ALLEN TATE | BEVERLY-HANKS, REALTORS® at 1518 Memorial Highway, Lake Lure, NC 28746 brings you the latest market trends in Lake Lure, North Carolina! Here’s what you need to know: New –> Download my free mobile Multiple Listing Service APP <–
📅 Date: August 2023
🔍 Buyers and Sellers, listen up! The current Months Supply of Inventory stands at 7.26, giving you plenty of options to explore in Lake Lure, NC. In the last 12 months, we’ve seen a significant increase of 195.12% in the Months Supply of Inventory, indicating a growing market.
💲💰 When it comes to pricing, the List to Sold Price percentage is at a solid 93.1%. This means that properties are being sold close to their asking price, ensuring a fair deal for both buyers and sellers.
⏳⌛️ On average, homes in Lake Lure spend 63 days on the market. This median days on market figure reflects a healthy pace, indicating that properties are not lingering for too long before finding their new owners.
💰🏡 Looking at the numbers, the median Sold Price in Lake Lure sits at $350,000. This tells us that the market is thriving and offers great opportunities for both buyers and sellers.
📈📉 Keeping up with market trends is crucial when making real estate decisions. If you’re looking to buy or sell in Lake Lure, NC, rely on Dwain Ammons, your trusted REALTOR® at ALLEN TATE | BEVERLY-HANKS, REALTORS®. Reach out today for personalized guidance and expert advice!
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When it comes to real estate, there are several key metrics that can provide valuable insights for both buyers and sellers. Let’s dive into the correlation between these metrics to give you a better understanding of the current market conditions.
First, let’s look at the Months Supply of Inventory, which currently stands at 7.26. This metric represents the number of months it would take to sell all the available homes on the market, given the current sales pace. A lower number indicates a seller’s market, where demand exceeds supply, while a higher number suggests a buyer’s market, with more homes available than there are buyers. In this case, 7.26 months indicates a slightly favorable market for buyers, but still relatively balanced overall.
Now, let’s consider the 12-Month Change in Months of Inventory, which shows a significant increase of 195.12%. This indicates a notable shift in the market, with inventory levels rising rapidly over the past year. For sellers, this means increased competition and potentially longer listing times, while buyers may benefit from more choices and potentially more negotiating power.
Moving on, the Median Days Homes are On the Market currently stands at 63. This metric measures the average number of days it takes for a home to go from listing to closing. A lower number suggests a faster-moving market, indicating high demand and possibly multiple offers. Conversely, a higher number indicates a slower market, where homes may take longer to sell. With 63 days on the market, homes are selling at a relatively moderate pace, providing a reasonable timeframe for both buyers and sellers to engage in the market.
Next, let’s explore the List to Sold Price Percentage, which currently sits at 93.1%. This metric measures the percentage of the list price that homes are actually selling for. A higher percentage suggests that homes are selling close to or above the asking price, indicating strong demand and potential bidding wars. Conversely, a lower percentage indicates that homes are selling below the list price, suggesting a more negotiable market. At 93.1%, homes are selling for a favorable percentage of their list price, indicating a relatively healthy market for both buyers and sellers.
Lastly, the Median Sold Price is $350,000. This metric represents the middle point of all the sold prices in a given period. It gives us an indication of the overall price range in the market. A higher median sold price suggests a more expensive market, while a lower median indicates more affordable options. With a median sold price of $350,000, the market offers a mix of properties at various price points, catering to a wide range of buyers and sellers.
In summary, the correlation between these real estate metrics reveals a market that slightly favors buyers, with a moderate supply of inventory and a reasonable number of days on the market. However, there has been a significant increase in inventory levels over the past year, indicating a shift in the market dynamics. Despite this, homes are still selling at a favorable percentage of their list price, and the median sold price reflects a diverse range of options. Overall, both buyers and sellers have opportunities to navigate this market and find success in their real estate endeavors.
