Understand Key Metrics to Help You Buy Your Dream Home
Introduction
Thinking about buying a home in Abington, Massachusetts? You’re in the right place! With the current real estate market heating up, understanding key metrics can help you make informed decisions.
Months Supply of Inventory
First, let’s look at the Months Supply of Inventory, which stands at 0.59. This figure shows how many months it would take to sell all the homes at the current sales pace. A lower number like this indicates a tight market. With high demand and limited supply, making quick decisions is crucial.
Inventory Trends
Next up is the 12-Month Change in Months of Inventory, currently down 19.18%. This negative percentage reflects a decrease in available homes over the past year. As a potential buyer, this means more competition for the properties that are on the market.
Fast-Moving Sales
The Median Days Homes are On the Market is just 17 days! This quick turnover suggests that homes are selling faster than many buyers might expect. If you see a home you love, don’t hesitate too long—an opportunity may slip away.
Competitive Pricing
Moving on, let’s discuss the Sold to List Price Percentage, which is at an impressive 102.5%. This means homes, on average, sell for 2.5% above their listing price. Such a statistic shows you just how fierce the demand is in this market.
Pricing Trends
Finally, the Median Sold Price is $565,000. Knowing this can give you a solid idea of what to expect as you browse the market. As prices can vary significantly, understanding this trend is essential.
Conclusion
In summary, Abington’s real estate market is highly competitive right now. With low inventory, fast sales, and homes selling above asking prices, preparing to act quickly is key. Consider making strong offers and getting pre-approved for a mortgage to enhance your position as a buyer.
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