Hi Friends, today we will be diving into the fascinating world of real estate metrics. For any buyer or seller looking to navigate the housing market, understanding these metrics is crucial. So, let’s get started!
First, let’s examine the Months Supply of Inventory, which currently stands at 3.48. This metric represents the number of months it would take to sell all the homes currently on the market, given the current pace of sales. A lower supply of inventory generally indicates a seller’s market, as there are fewer homes available for buyers to choose from.
Now, let’s move on to the 12-Month Change in Months of Inventory, which shows a positive growth of 5.14%. This increase suggests that the market is experiencing a slightly larger supply of homes compared to the previous year. While this may be good news for buyers, it could indicate a shift towards a more balanced market.
Next, we have the Median Days Homes are On the Market, which sits at 43. This metric measures the average number of days it takes for a home to sell. A lower number indicates a faster-moving market, where homes are being snatched up quickly. Conversely, a higher number may indicate a slower market, where homes are taking longer to sell.
Moving on, we have the List to Sold Price Percentage, which stands at an impressive 98.8%. This metric represents the percentage of the listing price that homes are actually selling for. A higher percentage signifies that sellers are receiving offers close to their asking price, indicating a strong market and potentially less room for negotiation for buyers.
Lastly, we have the Median Sold Price, which currently stands at $346,738. This metric represents the middle point of all the sold prices in a given market, providing an indication of the overall price range. It is important for both buyers and sellers to be aware of this figure as it helps set realistic expectations.
Now, let’s tie all of these metrics together. With a relatively low Months Supply of Inventory, buyers may face increased competition for available homes. However, the positive 12-Month Change in Months of Inventory suggests a slightly more favorable market for buyers.
Additionally, the Median Days Homes are On the Market indicates a relatively fast-paced market, where buyers need to act swiftly to secure a property. This, coupled with the high List to Sold Price Percentage, suggests that sellers are receiving competitive offers close to their asking price, potentially leading to less room for negotiation.
Finally, the Median Sold Price of $346,738 provides an insight into the current price range in the market. Buyers should consider this figure when determining their budget, while sellers can use it to gauge the competitiveness of their listing price.
In conclusion, understanding these real estate metrics is essential for both buyers and sellers. By considering the Months Supply of Inventory, 12-Month Change in Months of Inventory, Median Days Homes are On the Market, List to Sold Price Percentage, and Median Sold Price, individuals can make more informed decisions in this ever-changing market. Happy buying and selling!
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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