Hi Friends, today we will be diving into some key real estate metrics that are of utmost importance to both buyers and sellers. These metrics provide valuable insights into the current state of the real estate market and can help guide your decision-making process. So, let’s get started!
First, let’s take a look at the Months Supply of Inventory, which is currently at 3.88. This metric represents the number of months it would take to sell all the homes on the market if no new properties were listed. A lower number suggests a seller’s market, indicating high demand and limited inventory. In this case, the 3.88 figure indicates a relatively tight market where buyers may face competition for available properties.
Next, let’s examine the 12-Month Change in Months of Inventory, which shows a decline of -20.82%. This decline reflects a significant decrease in the number of months it would take to sell all the homes on the market compared to the previous year. This decrease signifies a trend towards even tighter market conditions, with a potentially higher level of competition among buyers.
Moving on, we come to the Median Days Homes are On the Market, which stands at 31. This metric represents the average number of days it takes for a home to sell once it is listed. A lower number suggests a faster-paced market, indicating strong buyer interest and quick property turnover. In this case, the 31-day figure suggests a relatively brisk market where well-priced properties are likely to attract attention and sell quickly.
Now, let’s explore the List to Sold Price Percentage, which currently stands at 96.6%. This metric represents the percentage of the list price that homes are typically sold for. A higher percentage suggests that homes are selling close to or above their listed price, indicating strong buyer demand and potentially competitive bidding situations. With a 96.6% figure, it’s clear that sellers are generally achieving close to their desired asking price, further demonstrating the market’s strength.
Lastly, we come to the Median Sold Price, which is $452,797. This metric represents the middle point of all the home prices sold in a given period. A higher median sold price suggests a market with higher-priced properties and potentially increased overall property values. In this case, the $452,797 figure indicates a market where homes are selling at a relatively healthy price point.
To summarize, the correlation between these real estate metrics indicates a robust and fast-paced market with limited inventory and strong buyer demand. The decrease in the Months Supply of Inventory, coupled with a decline in the 12-Month Change in Months of Inventory, suggests a trend towards even tighter market conditions. Additionally, the Median Days Homes are On the Market and List to Sold Price Percentage both indicate a market where properties are selling quickly and often close to their asking price. Finally, the Median Sold Price demonstrates a market with properties at a healthy price point.
As buyers, it’s important to be prepared to act swiftly and competitively when seeking a property in this market. As sellers, you can take advantage of the high demand and potentially achieve favorable sale prices. We hope this analysis has provided you with valuable insights and guidance for navigating the current real estate landscape.
If you have any questions and need help with market trends and updates, reach out to Jennifer Yoingco, REALTOR®, and her team in The Houston Suburb Group, so you can get ready to EXPERIENCE LIVING IN HOUSTON, TEXAS!
Jeanette San Luis is a blog contributor, a double degree major in BS Chemical Engineering and BS Nursing, and graduated Magna Cum Laude and Summa Cum Laude respectively. She has won numerous accolades and was named one of Houston Chronicles TOP 150 Outstanding Nurses in 2016 and 2019. In her dual role as a REALTOR®, she empathizes and understands the needs of her clients; therefore, you are in very good hands.
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