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North Conway Real Estate Update

Here are some real estate metrics! Whether you're a buyer or a seller, understanding these numbers can give you a powerful advantage in the market. 

First up, we have the Months Supply of Inventory, which currently stands at 3.69. This metric represents the number of months it would take to sell all the homes on the market, assuming no new listings come in. A lower number suggests a seller's market, where demand exceeds supply, causing prices to potentially rise. In our case, 3.69 months indicates a fairly balanced market, where both buyers and sellers have room to maneuver.

Now, let's take a look at the 12-Month Change in Months of Inventory, which has seen a whopping increase of 64.73%. This significant jump indicates that the market has become more favorable for buyers over the past year. With more inventory available, buyers have more options to choose from, potentially leading to increased negotiation power and lower prices.

Moving on, we have the Median Days Homes are On the Market, which currently stands at just 8 days. This metric represents the average number of days it takes for a home to be sold. A lower number here suggests a fast-paced market, with homes flying off the shelves in no time. In our case, 8 days indicates a high demand for properties, making it crucial for buyers to act swiftly if they find a home they love.

Now, let's talk about the List to Sold Price Percentage, which currently sits at an impressive 99.7%. This percentage represents the ratio between the original listing price and the final sold price of a property. A higher percentage suggests that homes are selling very close to their initial asking prices, indicating a strong market and potentially limited room for negotiation. With a 99.7% List to Sold Price Percentage, sellers can feel confident that their homes are fetching top dollar.

Finally, we have the Median Sold Price, which currently stands at $560,000. This metric represents the middle point of all the sold prices in a given area. For sellers, a higher median sold price is great news, indicating that they have the potential to fetch a higher price for their own property. On the other hand, buyers should be prepared for competitive pricing and potentially need to adjust their budgets accordingly.

Now that we've explored these real estate metrics, it's clear that the market is in a unique state. With a balanced supply and demand, buyers have more options than before. The increase in inventory over the past year gives buyers a chance to find their dream home without feeling rushed. However, the low Median Days Homes are On the Market indicates that the competition is fierce, and buyers need to act quickly.

Sellers, you're in luck as well! With the List to Sold Price Percentage at an impressive 99.7%, you can feel confident that you have a strong chance of selling your property near your desired price. And with the Median Sold Price sitting at $560,000, it's clear that the market is favoring sellers, potentially allowing you to make a tidy profit.

So, whether you're a buyer or a seller, these real estate metrics provide valuable insight into the market's current state. Stay informed, be proactive, and remember to adapt your strategies accordingly. Happy buying and selling!

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