Hi Friends, today we will be discussing some crucial real estate metrics that are of utmost importance to both buyers and sellers in the market. By analyzing these metrics, we can gain valuable insights into current market conditions and make informed decisions when it comes to buying or selling a property.
Firstly, let’s talk about the “Months Supply of Inventory,” which stands at 3.57. 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 indicates a seller’s market, where demand outweighs supply, leading to potentially higher prices and quicker sales. In this case, a 3.57-month supply suggests a relatively balanced market, providing opportunities for both buyers and sellers.
Next, let’s examine the “12-Month Change in Months of Inventory,” which shows an increase of 2.88%. This rise indicates that inventory levels have slightly expanded over the past year. While this can be seen as a positive sign for buyers, as it offers more options to choose from, sellers might need to be more competitive in pricing and marketing their properties to stand out in a more crowded market.
Moving on to the “Median Days Homes are On the Market,” we find that it stands at 27. This metric represents the average number of days it takes for a home to go under contract from the day it is listed. A lower number suggests a faster-moving market, indicating high demand and potentially multiple offers on properties. For sellers, this means their homes are likely to sell quickly, while buyers must act swiftly to secure their desired property.
Now let’s consider the “List to Sold Price Percentage,” which sits at an impressive 97.7%. This metric shows the percentage of the original list price that homes sell for. A higher percentage indicates that homes are selling close to or at their asking price, suggesting a strong market where sellers have negotiating power. For sellers, this is an encouraging sign that they can expect to receive a fair price for their property. On the other hand, buyers should be prepared to make competitive offers and potentially pay closer to the asking price.
Lastly, we have the “Median Sold Price,” which stands at $324,720. This metric represents the middle point of all the sold prices in the market. It provides a useful benchmark for both buyers and sellers to gauge the overall price range of properties in a given area. For sellers, this median price indicates the potential value of their property, while buyers can use it to assess affordability and make informed decisions.
In conclusion, the correlation between these real estate metrics paints a picture of a relatively balanced market with a reasonable supply of homes. The increase in inventory levels over the past year suggests more options for buyers, while the quick turnaround time and high list to sold price percentage signify a competitive market where sellers can expect favorable outcomes. Understanding these metrics empowers both buyers and sellers to navigate the real estate landscape more effectively and make informed decisions that align with their goals.
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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