Hi Friends, today we will be discussing some key real estate metrics that both buyers and sellers should pay attention to. By analyzing this data, we can gain valuable insights into the current state of the real estate market and make more informed decisions.
First, let’s look at the “Months Supply of Inventory,” which currently stands at 4.1. This metric represents the number of months it would take to sell all the available homes on the market at the current pace of sales. A lower number indicates a seller’s market, where demand is high and supply is low. Conversely, a higher number suggests a buyer’s market, with more inventory available.
In line with this, the “12-Month Change in Months of Inventory” has increased by an impressive 18.16%. This indicates a shift towards a more balanced market, where supply is catching up with demand. This change may present opportunities for both buyers and sellers. Buyers may find more options to choose from, while sellers may need to adjust their pricing strategies to remain competitive.
Moving on, the “Median Days Homes are On the Market” is currently at 30. This metric measures the average number of days a property stays on the market before it is sold. A lower number suggests a faster-paced market, indicating high demand and competitive bidding. Conversely, a higher number may indicate a slower market, presenting more negotiating power for buyers.
Now let’s discuss the “List to Sold Price Percentage,” which stands at 95.1%. This metric measures the percentage of the listing price that homes are actually sold for. A higher percentage suggests that homes are selling closer to their asking prices, indicating a stronger market with motivated buyers. Conversely, a lower percentage may indicate a more negotiable market, where buyers have more leverage in price negotiations.
Lastly, we have the “Median Sold Price,” which currently stands at an impressive $904,000. This represents the middle value of all the sold prices within a given time period. It gives us a snapshot of the overall price range in the market. This high median sold price indicates a robust real estate market with valuable properties.
In summary, the data we have analyzed shows a real estate market that is experiencing a shift towards a more balanced state. The increase in the months of inventory indicates more options for buyers, while the low list to sold price percentage suggests a motivated buyer pool. The median days on the market also indicates a relatively fast-paced market, and the high median sold price reflects the value of properties in this area.
As both buyers and sellers, it is crucial to consider these metrics when making real estate decisions. By understanding the current market conditions, you can strategically position yourself to achieve your goals. Whether you are looking to buy or sell, staying informed about these metrics will empower you to make more informed and successful real estate transactions.
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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