In the current real estate market, there are several key metrics that both buyers and sellers should be aware of. These metrics provide valuable insights into the state of the market and can help inform decision-making when it comes to buying or selling a property.
First, let’s discuss the “Months Supply of Inventory.” This metric indicates the number of months it would take to sell all the homes currently on the market, given the current sales pace. In this case, the Months Supply of Inventory stands at 1.96. A low number like this suggests that the market is favoring sellers, as there is limited inventory available for buyers to choose from. This can result in increased competition among buyers and potentially drive up prices.
Next, let’s examine the “12-Month Change in Months of Inventory,” which is currently at +32.43%. This metric reflects the percentage increase in the number of months it would take to sell all the homes on the market compared to the previous year. A positive change like this indicates that there is more inventory available compared to the previous year. This could be a positive sign for buyers as it suggests more options and potentially less competition in the market.
Moving on, we have the “Median Days Homes are On the Market,” which stands at 23 days. This metric represents the average number of days it takes for a home to be sold after it is listed. A low number like this indicates a fast-paced market, where homes are selling quickly. This can be advantageous for sellers, as it suggests there is high demand for properties.
The “List to Sold Price Percentage” is another important metric, currently at 97.9%. This metric measures the percentage of the original listing price that a property ultimately sells for. A high percentage like this suggests that sellers are achieving close to their asking price, which is positive news for sellers. However, it’s worth noting that this could also indicate a market where buyers are willing to pay a premium for properties.
Lastly, we have the “Median Sold Price,” which currently stands at $362,500. This metric represents the middle price point of all the homes that have been sold in the market. It provides an indication of the overall price range in the area. In this case, the median sold price suggests that the market is relatively strong, with homes selling at a decent price.
In conclusion, these real estate metrics paint a picture of a market that is currently favoring sellers. The low Months Supply of Inventory and the fast pace at which homes are selling indicate high demand and limited supply. However, the increase in inventory compared to the previous year suggests that buyers may have more options available to them. The high List to Sold Price Percentage and the median sold price also suggest a relatively strong market. Buyers and sellers should take these metrics into account when making decisions, but it’s important to consult with a real estate professional for a more comprehensive analysis tailored to their specific situation.
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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