Currently there are 6 sales pending in the market overall, leaving 52 listings still for sale. The resulting pending ratio is 10.3% (6 divided by 58). The pending ratio indicates the supply & demand of the market. Specifically, a high ratio means that listings are in demand and quickly going to contract. Alternatively, a low ratio means there are not enough qualified buyers for the existing supply.
We also notice that the $125K - $150K price range has a relatively large inventory of properties for sale at 15 listings. The median list price (or asking price) for all properties in this market is $129,950. A total of 81 contracts have closed in the last 6 months with a median sold price of $143,809. Breaking it down, we notice that the $125K - $150K price range contains the highest number of sold listings.
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