Oct/Nov 2024 Owosso Market Trends | Seller's Market

 

First, let's consider the Months Supply of Inventory, which currently stands at 1.46.  This metric indicates the number of months it would take to sell all existing homes on the market at the current sales pace.  A lower Months Supply of Inventory suggests a seller's market, where there is high demand for homes compared to the available inventory.  The 12-Month Change in Months of Inventory shows a significant decrease.  This demonstrates a trend of decreasing inventory levels over the past year, further reinforcing  the notion of a seller's market with limited supply.

 

 

  The Median Days Homes are On the Market is a mere 16 days, indicating that properties are selling quickly.  

 

 

 

 

 

The List to Sold Price Percentage of 103.2% suggests that homes are typically selling for slightly above their listing price. 

 

 

 

 

Lastly, the Median Sold Price of $174,000 gives sellers an idea of the average price at which homes are selling in the current market.  

 

 

 

Overall, the data indicates a strong seller's market wth low inventory levels, quick sales, and homes selling for above listing price.