The Johnson Ranch Real Estate Market Report for August 2024
Months of Supply of Inventory
First, let's look at the Months Supply of Inventory, which is currently at 4.54. This means that at the current rate of sales, it would take 4.54 months to sell all the homes on the market. Typically, this number would indicate a balanced market as the number is between the 4-6 month mark; however, you will see the numbers below are keeping us slightly in the Seller's favor.
The 12-Month Change in Months of Inventory is at +134.02%. This sharp increase suggests that there has been a significant increase in the number of homes available for sale compared to the previous year. This clearly favors home buyers in Johnson Ranch as the number of options available continues to remain very high. The significant retraction month over month (-115.98%) is a trend that could further limit buyer choices if the trend continues.
Median Days on Market
The Median Days Homes are On the Market is 35, which indicates that homes are selling relatively quickly in this market. This number shows there is a strong demand for homes in Johnson Ranch which favors sellers.
List to Sold Price Percentage
The List to Sold Price Percentage is at 98.8%, which means that on average, homes are selling for 98.8% of their list price. This percentage is a good indicator of the competitiveness of the market and whether sellers are able to get close to their asking price. This metric has remained nearly unchanged over the last month, and this bodes well for those looking to put their Johnson Ranch home for sale.
Median Sold Price
Lastly, the Median Sold Price is $372,500, which is the middle point of all the home prices sold in the market. While is metric has reduced slightly in the last month (-1.96%) it is worth keeping an eye on as well as the inventory numbers.
Johnson Ranch Real Estate Market Summary
Overall, the correlation between these metrics suggests that there is a healthy level of inventory in the market, homes are selling relatively quickly, and sellers are getting close to their asking price. Buyers and sellers should pay attention to these metrics to make informed decisions as the market continues to drift from a Seller's Market to a more Balanced Market.
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