July Market Trends – Hanover

The numbers are in! Lets take a look at what happened in the Hanover real estate market in July 2023. These metrics are essential for understanding the current state of the market and can help guide decisions related to buying or selling a property. So, let’s dive right in! 

First, let’s talk about the months supply of inventory, which currently stands at 1.15. This metric represents the number of months it would take to sell all the houses on the market if no new properties were listed. A lower number implies a seller’s market, where demand exceeds supply. In this case, with a months supply of inventory at 1.15, we can confidently say that it is indeed a strong seller’s market. Sellers can expect their properties to be in high demand, potentially leading to quicker sales and higher prices. Pricing strategy is key however – overpriced homes still sit on the market and become “stale”. 

Next, let’s examine the 12-month change in months of inventory, which shows a significant decrease of -54.72%. This decrease suggests that the supply of available homes has declined over the past year. This trend further reinforces the notion that the market is favoring sellers. Buyers should be aware that finding the right property might be a bit more challenging due to the limited inventory. 

Moving on, we have the median days homes are on the market, which currently stands at a mere 19 days. This metric tells us how long, on average, it takes for a home to sell. With such a low number, buyers need to be prepared to act quickly and make competitive offers. Sellers, on the other hand, can expect a speedy sale if their property is priced right and in demand. 

Now, let’s discuss the list to sold price ratio, which is at an impressive 103.7%. This metric represents the percentage of the original listing price that homes are selling for. A value above 100% indicates that properties are selling for more than their initial listing price. This data suggests a highly competitive market, where buyers are willing to offer higher bids to secure their desired properties. Sellers can feel confident knowing that they have the potential to receive offers above their asking prices. 

Lastly, let’s touch upon the median sold price, which currently stands at $740,000. This metric represents the middle point of all the properties sold during a specific time period. It’s important to note that this is just the median, and there will be properties sold both above and below this price point. Buyers, brace yourselves – this number gives you an idea of the market’s overall pricing trend. Sellers, congratulations – this high median sold price indicates that you have the potential to make a handsome profit on your investment!

In conclusion, these real estate metrics paint a clear picture of the current market dynamics for both buyers and sellers. With a low months supply of inventory, decreased inventory over the past year, short median days on the market, high list to sold price percentage, and a median sold price of $740,000, sellers are in a favorable position to maximize their profits. On the other side, buyers need to be prepared for a competitive market with limited inventory and quick decision-making. 

In this complex market it is absolutely essential that you work with a Realtor that knows how to navigate these conditions. Give me a call today and lets work together! 781.424.7488