Hi Friends, thank you for joining us today to discuss some key real estate metrics that can greatly impact both buyers and sellers. Our analysis will shed light on the correlation between these metrics, providing valuable insights for anyone looking to navigate the real estate market.
Let’s begin by examining the Months Supply of Inventory, which currently stands at 2.31. This metric represents the number of months it would take to sell the current inventory of homes on the market, assuming no new listings are added. A low supply indicates a seller’s market, where demand exceeds supply, potentially leading to higher prices and quicker sales.
Now, let’s shift our attention to the 12-Month Change in Months of Inventory, which shows a significant decrease of -26.43%. This means that over the past year, the number of months it would take to sell the existing inventory has decreased by approximately 26.43%. Such a decline suggests a tightening of the market, with homes being sold at a faster pace.
Moving on to the Median Days Homes are On the Market, we find that homes are typically sold within 25 days. This indicates a relatively fast-paced market, where properties are not lingering for long periods. For sellers, this means that a well-priced and attractive property can attract buyers quickly, reducing the time and effort required to sell.
Next, let’s explore the List to Sold Price Percentage, which currently stands at an impressive 99%. This metric represents the percentage of the final listing price that a property is sold for. A high percentage indicates that sellers are achieving close to their asking price, suggesting strong buyer demand and potentially leading to competitive bidding situations. This is excellent news for sellers as it shows that they are able to secure a high percentage of their desired price.
Finally, we come to the Median Sold Price, which currently stands at $263,000. This figure represents the midpoint of all the homes sold in the area within a specified time frame. A higher median sold price generally indicates a healthy and desirable real estate market, where property values are appreciating. This can be advantageous for sellers who may see an increase in their property’s value over time.
In summary, these real estate metrics paint a positive picture for both buyers and sellers. The low Months Supply of Inventory indicates a seller’s market, with a decreasing trend over the past year. Additionally, the Median Days Homes are On the Market and the List to Sold Price Percentage both suggest a fast-paced market with high buyer demand and favorable selling conditions.
Lastly, the Median Sold Price showcases a strong real estate market, where property values are on the rise. Buyers may need to act swiftly to secure properties, while sellers can be confident in achieving a high percentage of their asking price.
We hope that this analysis has provided you with valuable insights into the correlation between these real estate metrics. Whether you are a buyer or a seller, understanding these trends can help you make informed decisions in today’s dynamic real estate market.
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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