Hi Friends, today, we will be discussing some important real estate metrics that can provide valuable insights into the current market conditions. By understanding these metrics, you will be better equipped to make informed decisions when buying or selling a property.
Let’s start with the Months Supply of Inventory, which is currently at 2.61. This metric represents the number of months it would take to sell all the available homes on the market if no new properties were listed. A lower value indicates a seller’s market, where demand outweighs supply, leading to potentially higher prices.
Now, let’s examine the 12-Month Change in Months of Inventory, which has seen a significant increase of 29.85%. This suggests that the supply of homes has been increasing over the past year. While this could potentially give buyers more options to choose from, it may also indicate a shift towards a more balanced market.
Moving on, we have the Median Days Homes are On the Market, which currently stands at 26. This metric measures the average number of days it takes for a property to sell once it is listed. A lower number generally indicates a faster-moving market, where desirable properties tend to get snapped up quickly.
Next, we have the List to Sold Price Percentage, which is at a strong 98.2%. This metric represents the ratio between the listing price and the final sold price of a property. A higher percentage indicates that homes are generally selling very close to their listed price, which is great news for sellers.
Lastly, let’s discuss the Median Sold Price, which currently stands at $300,000. This metric represents the middle point of all the sold prices within a given time frame. It provides a good indication of the overall price range in the market. Both buyers and sellers can use this information to gauge the value of properties in their area.
When we examine all these metrics together, we can deduce that the current market favors sellers. The Months Supply of Inventory is relatively low, indicating a limited supply of homes. Additionally, the List to Sold Price Percentage is high, suggesting that sellers are receiving offers close to their asking prices.
However, buyers should take note of the increasing 12-Month Change in Months of Inventory, which indicates a growing supply of homes. This could potentially lead to more options and possibly more negotiating power for buyers.
In conclusion, the real estate market is dynamic, and these metrics provide valuable insights into its current state. As a buyer, you can use this information to make competitive offers and navigate the market effectively. As a seller, understanding these metrics can help you price your property appropriately and maximize your chances of a successful sale.
Thank you for your attention, and we hope you found this analysis helpful. Good luck with your real estate endeavors!
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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