People always ask, “What’s the market doing?” If you are interested in having periodic updates about the Cody and Powell real estate market, click here for updates, and then keep reading.
Cody and Powell Real Estate Market Update
Starting with Cody, let’s dive into some key real estate metrics that can help both buyers and sellers better understand the current market conditions.
First, let’s look at the Months Supply of Inventory, which currently stands at 3.81. This metric indicates how long it would take for all the current homes on the market to sell, given the current sales pace. A lower number typically indicates a seller’s market, while a higher number suggests a buyer’s market. In this case, 3.81 months supply of inventory points towards a balanced market, where neither buyers nor sellers have a significant advantage.
Next, the 12-Month Change in Months of Inventory has increased by 42.16%. This significant uptick in inventory over the past year suggests that there are more homes available for sale compared to the previous year. This could mean more options for buyers and potentially more competition for sellers.
The Median Days Homes are On the Market is 85, indicating the average amount of time it takes for a home to sell. A lower number suggests a faster-moving market, while a higher number may mean homes are taking longer to sell. In this case, 85 days falls within a moderate range, suggesting a relatively healthy market pace.
The List to Sold Price Percentage is at 88.3%, which indicates that homes are selling for approximately 88.3% of their listing price. This metric can give sellers an idea of how much negotiating power they may have when it comes to final sale prices.
Lastly, the Median Sold Price is $520,000, giving both buyers and sellers an idea of the average price at which homes are selling in the current market. This can be helpful for setting realistic expectations and making informed decisions when buying or selling a home.
Overall, these metrics provide valuable insights into the real estate market, giving both buyers and sellers a better understanding of trends, pricing, and competition in their local area.
So what about Powell? Essentially, the trends look about the same, just the numbers look a little different. Months of Supply of Inventory has gone up in Powell as well, though it is sitting slightly lower than Cody at 3.76. The 12 Month Change in Months of Inventory has increased by 65.6%, as with Cody showing that there are more properties on the market. Median Days on Market in Powell is 78, indicating homes are selling quicker in Powell than they are in Cody.
Overall, the Cody and Powell Real Estate Market appears to be moving toward a more balanced real estate market in the area. This is important information to know if you are thinking of buying or selling, as it will help you to develop a strategy with your REALTOR to ensure your success.
Our REALTORS are always interested in helping you no matter what stage you are in. Be sure to fill out the form below to get in touch with one of our REALTORS if you have any questions at all about real estate.
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If you would like to browse online for properties listed in the area, click here. A great way to understand the market is just to know what is out there.