Hi Friends, today we have gathered here to discuss some important real estate metrics that will shed light on the current market conditions. Whether you are a buyer or a seller, understanding these metrics is crucial for making informed decisions. So, let’s dive into the data and analyze the correlation between these key indicators.
Firstly, let’s talk about the “Months Supply of Inventory,” which currently stands at 3.45. This metric reflects the number of months it would take to sell all the existing homes on the market if no new listings were added. A lower number indicates a seller’s market, where demand outpaces supply, leading to increased competition among buyers.
Moving on to the “12-Month Change in Months of Inventory,” we observe a positive change of 1.77%. This signifies a slight increase in the supply of homes compared to the previous year. While this small rise may seem insignificant, it suggests a slightly more favorable market for buyers, as they may have more options to choose from.
Next, we have the “Median Days Homes are On the Market,” which currently stands at 29. This metric represents the average number of days it takes for a home to be sold after being listed. A lower number indicates high demand and a faster-paced market, beneficial for sellers. Conversely, buyers may face increased competition and need to act swiftly to secure a property.
Now, let’s discuss the “List to Sold Price Percentage,” which is currently at 96.6%. This metric indicates the percentage of the original listing price that a home ultimately sells for. A higher percentage suggests that sellers are achieving close to their desired asking price. This could be a positive sign for sellers, indicating a strong market where buyers are willing to pay a premium.
Lastly, we have the “Median Sold Price,” which currently stands at $316,780. This metric represents the middle point of all the home sale prices in a given area. The median sold price is a useful indicator of market trends and can provide insights into the overall health and value of the real estate market. It is important for both buyers and sellers to be aware of this figure to make informed decisions regarding pricing and negotiations.
In summary, these real estate metrics provide valuable insights for both buyers and sellers. The months supply of inventory, the change in months of inventory, and the median days homes are on the market all signify the level of competition and market pace. The list to sold price percentage and the median sold price give an indication of the value and pricing trends in the market. By understanding these metrics, buyers and sellers can navigate the real estate market more effectively and make well-informed decisions.
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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