August 2023 Smithtown Real Estate Market Update:

Current Real Estate Market Update: What You Need to Know

Navigating the ever-evolving world of real estate can be daunting, especially if you’re not equipped with the latest metrics and insights. Today, I’m here to summarize the most recent statistics showing current market trends. Whether you’re eyeing a dream home or considering listing yours, these numbers are essential to strategize effectively.

1. Months Supply of Inventory: 2.22

The Months Supply of Inventory is at the heart of understanding market dynamics. Currently, at 2.22, this metric reveals the number of months it would take to sell all homes on the market without any new listings. The lower this number, the more we lean towards a seller’s market characterized by high demand and limited supply.

2. A Significant Shift: 12-Month Change in Inventory at -28.39%

Over the past year, there’s been a dramatic 28.39% decrease in the number of available homes. This substantial reduction further underscores the competitive nature of the present market.

3. Swift Sales: Median Days Homes are On the Market is 24.

Considering the average number of days a home stays listed before selling is a fantastic barometer for demand. With homes flying off the market in just 24 days, it’s clear buyers are more eager than ever.

4. Above and Beyond: List to Sold Price Percentage at 104%

In a striking testament to the current competition, homes sell for 104% of their listing price on average. Simply put, properties are fetching more than what sellers are asking, indicating buyers’ willingness to pay a premium in this hot market.

5. A Hefty Price Tag: Median Sold Price Stands at $715,000.

A glimpse at the median sold price shows homes sell at an impressive $715,000. This underlines the prevailing strong demand and the premiums buyers are prepared to shell out for their dream abodes.

In Conclusion,

These latest metrics highlight an unmistakably competitive market and are skewed in favor of sellers. If you’re a buyer, brace yourself to act promptly and potentially stretch your budget. Sellers, this might be the golden window to maximize returns on your property.

Remember, the real estate landscape is always in flux, but staying informed is your best bet to navigate it successfully. Let these figures guide your next move in the property arena, whether buying or selling. Happy house hunting and selling!

Check out the latest new listings here.

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