EAST HONOLULU – SINGLE FAMILY HOME MARKET END OF MARCH UPDATE
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ANALYSIS
First, let’s look at the Months Supply of Inventory, which is currently at 3.3. This metric indicates how long it would take for all current listings to sell based on the current rate of sales. A lower number suggests a seller’s market, where demand exceeds supply, potentially leading to higher prices.
The Median Days Homes are On the Market is 24, indicating that properties are selling relatively quickly in this market. This could be due to high demand or competitive pricing strategies.
The Sold to List Price Percentage is 100.5%, meaning that homes are selling for slightly above their list price on average. This could be a sign of strong buyer interest and competition in the market.
Finally, the Median Sold Price is $1,674,500, indicating the midpoint of all home sales in this area. This can be used as a benchmark when pricing your property to ensure it is competitive in the current market.
Overall, these metrics suggest that it is a favorable time to sell your property, with low inventory, quick sales, and strong buyer demand leading to potential higher prices. By understanding these correlations, sellers can make strategic decisions to maximize their profits in the current market conditions.
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