Hi Friends, today I would like to discuss some key real estate metrics that can have a significant impact on both buyers and sellers in the market. By analyzing the data we have at hand, we can gain valuable insights into the current state of the real estate market and make informed decisions.
Firstly, let’s take a look at the “Months Supply of Inventory” metric, which currently stands at 1.98. This metric measures the number of months it would take to sell all the available homes on the market if no new listings were added. A lower number indicates a seller’s market, where demand is high and supply is limited. In this case, the relatively low months supply of inventory suggests a competitive market where buyers may face challenges in finding the perfect home.
Next, let’s examine the “12-Month Change in Months of Inventory,” which shows a positive percentage of +8.2%. This indicates an increase in the number of months it would take to sell all the available homes compared to the previous year. While this may suggest a shift towards a more balanced market, it is important to note that the overall inventory is still relatively low. Buyers should be prepared for potential competition and act swiftly when they find a property that meets their needs.
Moving on, we have the “Median Days Homes are On the Market,” which currently stands at an impressive 13 days. This metric measures the average number of days it takes for a home to go from listing to being under contract. A lower number suggests a fast-paced market with high demand. Sellers can take advantage of this by pricing their homes competitively and being prepared for quick offers.
Now, let’s discuss the “List to Sold Price Percentage,” which currently stands at 98.4%. This metric represents the percentage of the listing price that sellers are able to obtain when their home is sold. A higher percentage indicates strong buyer demand and the ability for sellers to secure close to their asking price. This is good news for sellers as it suggests that they have a higher chance of achieving their desired sales price.
Finally, we have the “Median Sold Price,” which currently sits at $410,000. This metric represents the middle point of all the sold prices in the market. It is important to note that the median sold price can fluctuate based on various factors such as the type of property, location, and market conditions. However, this figure gives us a general idea of the price range that buyers and sellers can expect in the current market.
In conclusion, these real estate metrics provide valuable insights into the state of the market for both buyers and sellers. While the low months supply of inventory and the high list to sold price percentage favor sellers, the increase in the number of months it takes to sell a home suggests a potential shift towards a more balanced market. Buyers should be prepared to act quickly and make competitive offers in order to secure their desired property. Likewise, sellers can take advantage of the strong demand and aim for a favorable list to sold price percentage. By staying informed and understanding these metrics, both buyers and sellers can navigate the real estate market with confidence.
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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