Hi Friends, welcome to today’s real estate market analysis. We have gathered some valuable data that will shed light on the current trends in the industry, specifically targeting our esteemed buyers and sellers. So sit back, relax, and let’s delve into the correlation between these real estate metrics.
Firstly, we have the “Months Supply of Inventory” which stands at 5.6. This metric represents how long it would take for all the current listings to be sold, assuming no new properties enter the market. A lower figure indicates a seller’s market, where demand exceeds supply and properties sell quickly. On the other hand, a higher figure suggests a buyer’s market, where there is an abundance of properties available. In this case, 5.6 months supply indicates a fairly balanced market.
Next, let’s examine the “12-Month Change in Months of Inventory,” which shows a significant increase of 35.92%. This statistic illustrates the change in the supply of homes over the past year. Such a substantial rise indicates a shift towards a buyer’s market, where there are more properties available compared to the previous year. Buyers can expect to have a wider selection to choose from, potentially leading to more favorable purchase terms.
Moving on, we have the “Median Days Homes are On the Market,” which stands at 37. This metric measures the average number of days it takes for a property to sell. A lower number suggests a faster-paced market, indicating high demand and quick turnover. In this case, 37 days demonstrate a relatively brisk market, where homes are selling within a reasonable timeframe.
Now, let’s talk about the “List to Sold Price Percentage,” which is at 97.9%. This metric reveals the percentage of the listing price that sellers are able to achieve in the final sale. A higher percentage signifies that sellers are receiving close to their asking price, indicating a strong market and potentially allowing sellers to negotiate less. In this case, the 97.9% indicates a healthy market where sellers are able to secure a significant portion of their initial asking price.
Lastly, we have the “Median Sold Price,” which currently stands at $299,960. This metric represents the midpoint of all the sold prices in the market. It serves as an indicator of the overall price trend in the area. A higher median sold price suggests a more expensive market, while a lower figure indicates affordability. In this case, the $299,960 indicates a market with moderately priced properties.
In conclusion, we have analyzed a range of crucial real estate metrics, painting a picture of the current market conditions. The months supply of inventory and the 12-month change in months of inventory indicate a shift towards a buyer’s market, providing more options for potential buyers. The median days homes are on the market and the list to sold price percentage demonstrate a reasonably fast-paced market where sellers are achieving close to their desired prices. Lastly, the median sold price indicates a market with properties that fall within a moderate price range.
As buyers and sellers, it is essential to be aware of these metrics to make informed decisions and understand the dynamics of the real estate market. We hope this analysis has been insightful and will assist you in navigating the exciting world of real estate.
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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