Hi Friends, today I would like to bring your attention to some key real estate metrics that are crucial for both buyers and sellers. These metrics provide valuable insights into the current state of the real estate market and can assist you in making informed decisions.
Let’s begin with the Months Supply of Inventory, which is currently at 3.87. This metric reflects the number of months it would take to sell all the available homes on the market if no new properties were added. A lower number indicates a seller’s market, where demand exceeds supply, leading to potentially higher prices and quicker sales.
Now, let’s move on to the 12-Month Change in Months of Inventory, which shows an increase of 2.11%. This indicates that inventory levels have grown over the past year. While this may suggest a slight shift towards a buyer’s market, it is essential to consider other factors such as demand and pricing trends.
Next, we have the Median Days Homes are On the Market, which stands at 29. This metric measures the average number of days it takes for a home to sell. A lower number signifies a faster-paced market with high demand, where homes are likely to be snatched up quickly. Conversely, a higher number may indicate a slower market or potentially overpriced properties.
Moving along, we come to the List to Sold Price Percentage, which is currently at an impressive 98%. This metric signifies the average percentage at which homes are sold relative to their listing price. A higher percentage indicates that homes are selling close to or even above their listed price, which is great news for sellers. However, buyers need to be mindful of this figure when making offers.
Lastly, we have the Median Sold Price, which currently stands at $420,000. This metric represents the middle point of all the sold prices in a given period. It provides a snapshot of the average price range in the market. Sellers will be pleased to see this figure, as it indicates a healthy market with potential for profitable returns.
In conclusion, these real estate metrics offer valuable insights into the current market conditions. While the Months Supply of Inventory suggests a seller’s market, the increase in the 12-Month Change in Months of Inventory may hint at a shift towards a more balanced market. The Median Days Homes are On the Market and List to Sold Price Percentage highlight the pace and competitiveness of the market, while the Median Sold Price provides a benchmark for pricing expectations.
Whether you are a buyer or seller, understanding these metrics can help you navigate the real estate market with confidence. Stay informed, analyze the trends, and consult with professionals to make the best decisions for your real estate needs.
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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