Hi Friends, thank you for joining us today as we delve into the correlation between various real estate metrics that are of utmost importance to both buyers and sellers. By analyzing the data at hand, we can gain valuable insights into the current state of the market and make informed decisions.
Let’s begin by examining the Months Supply of Inventory, which currently stands at 5.87. This metric represents the number of months it would take to sell the existing inventory of homes at the current sales pace. A lower value indicates a seller’s market, while a higher value suggests a buyer’s market. With a supply of 5.87 months, we can consider the market to be leaning slightly towards the buyer’s side, although it remains relatively balanced.
Now, let’s move on to the 12-Month Change in Months of Inventory, which shows a significant increase of +31.91%. This indicates that the inventory of homes available for sale has increased over the past year. While this may be favorable for buyers as more options become available, sellers should be mindful of the increased competition they may face.
Next, we have the Median Days Homes are On the Market, which currently stands at 33 days. This metric reveals the average number of days it takes for a home to sell once it is listed. A lower value is generally indicative of a hot market with high demand. With homes selling in just 33 days, we can conclude that the market is quite active, and buyers need to act swiftly when they find a property of interest.
Moving on, we arrive at the List to Sold Price Percentage, which is an impressive 98.7%. This metric measures the percentage of the original listing price that a home ultimately sells for. A higher percentage signifies that sellers are able to negotiate close to their asking price. With a percentage of 98.7%, we can confidently say that sellers in this market are achieving prices very close to their initial expectations.
Lastly, we have the Median Sold Price, which currently stands at $435,000. This metric represents the middle point of all the prices at which homes have been sold. It provides a good indication of the overall market value. With a median sold price of $435,000, both buyers and sellers can have confidence in the stability and desirability of the market.
In summary, we have observed a market with a relatively balanced supply of inventory, indicating a fair playing field for both buyers and sellers. The increase in inventory over the past year may benefit buyers in terms of options, while sellers continue to enjoy strong list to sold price percentages. Furthermore, with homes selling in just 33 days on average and a median sold price of $435,000, it is evident that this market is active, competitive, and boasts favorable prices.
Thank you for joining us today, and we hope that this analysis has provided valuable insights for your real estate endeavors.
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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