Hi Friends, today we will delve into the correlation between several key real estate metrics that are of great importance to both buyers and sellers. By understanding these metrics, you will gain a deeper insight into the current state of the market and make more informed decisions.
Let’s start by examining the “Months Supply of Inventory.” This metric measures the number of months it would take to sell all the current listings in a given market. In our case, the months supply of inventory stands at 2.43. This figure indicates a relatively low inventory, suggesting a seller’s market where demand outweighs supply. Sellers can take advantage of this situation as it often leads to higher prices and quicker sales.
Now, let’s shift our attention to the “12-Month Change in Months of Inventory.” This metric indicates the percentage change in the months of inventory over the past year. Our data reveals a positive change of 8%. This increase suggests a slight shift towards a more balanced market, with inventory levels gradually rising. Buyers may find this encouraging as it could mean more options and potentially less competition.
Moving on, we have the “Median Days Homes are On the Market.” This metric represents the average number of days it takes for a home to sell. Currently, the median days on the market is 25. This relatively short timeframe points to a fast-paced market where homes are quickly snatched up. Sellers should be delighted by this statistic, as it implies a high demand for properties, enabling them to sell their homes swiftly.
Next, let’s examine the “List to Sold Price Percentage.” This metric reflects the percentage of the original listing price that a home ultimately sells for. Our data shows a list to sold price percentage of 97.5%. This figure suggests that, on average, homes are selling very close to their initial asking price. This can be seen as a positive indicator for sellers, as it implies a strong market with buyers willing to pay close to the listed price.
Lastly, we have the “Median Sold Price,” which stands at $405,000. This figure represents the middle point of all the sold prices in a given market. This median sold price indicates a healthy market where property values are relatively robust. Both buyers and sellers should find this information valuable, as it helps determine fair market prices and potential returns on investment.
In conclusion, the correlation between these real estate metrics paints a picture of a market that favors sellers, with low inventory levels and a high demand for properties. However, there are signs of a gradual shift towards a more balanced market, providing buyers with more options. Homes are selling quickly and often close to the listed price, indicating a strong market and stable property values. Armed with this knowledge, both buyers and sellers can make more informed decisions as they navigate the real estate landscape.
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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