Hi Friends, as buyers and sellers in the real estate market, it is crucial to stay informed about the current trends and metrics that impact property transactions. Today, we will analyze several key real estate metrics to help you make informed decisions in your buying or selling journey.
Firstly, let’s look at the “Months Supply of Inventory,” which stands at 2.67. This metric represents the number of months it would take to sell all the current listings on the market if no new properties were added. A lower number indicates a seller’s market, where demand exceeds supply, potentially leading to higher prices.
Now, let’s examine the “12-Month Change in Months of Inventory,” which shows a significant increase of +25.94%. This data suggests that the supply of homes on the market has increased over the past year. While this may indicate a shift towards a more balanced market, it could also suggest a potential increase in competition among sellers, leading to more negotiating power for buyers.
Moving on, we have the “Median Days Homes are on the Market,” which is currently at 26 days. This metric reflects the average number of days it takes for a home to sell once it is listed. A lower number implies a faster selling process, indicating a more competitive market. On the other hand, a higher number suggests a slower market, potentially providing buyers with more time to make decisions.
Next, we have the “List to Sold Price Percentage,” which sits at an impressive 98%. This metric represents the percentage of the listing price that homes are selling for. A higher percentage indicates that homes are selling close to or at their asking price. This data suggests that sellers have been successful in achieving their desired prices, potentially hinting at a strong demand and competition among buyers.
Lastly, we have the “Median Sold Price” at $299,000. This metric represents the middle point of all the sold prices in a given area. It gives us a sense of the general price range of properties in the market. This median price helps buyers and sellers understand the current market value and make informed decisions regarding their offers or asking prices.
In summary, the real estate metrics we have analyzed paint a dynamic picture of the market. While the supply of inventory has increased over the past year, the median days on the market remains relatively low, indicating a competitive environment. Furthermore, the list to sold price percentage of 98% suggests that sellers have been successful in achieving their desired prices. Lastly, the median sold price of $299,000 gives us an idea of the general price range in the market.
As buyers and sellers, it is essential to stay informed about these metrics to navigate the market effectively. By understanding these trends, you can make educated decisions that will benefit you in your real estate transactions.
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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