Hi Friends, the correlation between these real estate metrics provides valuable insights for both buyers and sellers in the market. Let’s analyze each metric and understand their significance.
Firstly, we have the “Months Supply of Inventory” which stands at 3.16. This metric represents the number of months it would take for all the current listings to be sold, given the current sales pace. A lower number indicates a seller’s market, where demand exceeds supply, leading to potential bidding wars and higher prices. In this case, with a relatively low supply, sellers can expect to have more negotiating power.
Next, we have the “12-Month Change in Months of Inventory” which shows a decrease of 17.71%. This indicates a significant decrease in the number of months it would take to sell all the current listings, compared to the previous year. Such a decrease suggests a tightening market, where properties are being sold at a faster pace. This trend could be favorable for sellers as it implies increased demand and potentially higher selling prices.
Moving on to the “Median Days Homes are On the Market,” we find that it is 34. This metric represents the average number of days it takes for a property to be sold. A lower number signifies a more active market, where properties are being sold quickly. For buyers, this means they need to act swiftly and be prepared to make competitive offers if they find a property they like. Sellers, on the other hand, can be encouraged by the shorter time their properties are spending on the market.
The “List to Sold Price Percentage” is another crucial metric, currently standing at 97%. This metric measures the percentage of the listing price that a property ultimately sells for. A higher percentage suggests that sellers are achieving close to their asking price, indicating a strong market. This statistic is encouraging for sellers as it implies that they have a good chance of getting a fair price for their property.
Lastly, we have the “Median Sold Price” which is $436,541. This metric represents the middle point of all the sold prices in the market. It provides a good indication of the overall price range in the area. For sellers, this median price can serve as a benchmark to determine a competitive asking price. Buyers can use this information to understand the prevailing market prices and make informed decisions.
In summary, these real estate metrics indicate a market favoring sellers, with a relatively low supply of inventory, decreasing months of inventory, and properties selling quickly. The list to sold price percentage suggests that sellers are achieving close to their asking price. The median sold price provides an understanding of the price range in the market. Buyers and sellers should pay attention to these metrics to make informed decisions and navigate the real estate market effectively.
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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