Hi Friends, thank you for joining me today as we delve into the fascinating world of real estate metrics. Whether you are a buyer or a seller, understanding these metrics is crucial in making informed decisions in the housing market. So, let’s dive right in!
Firstly, let’s talk about the “Months Supply of Inventory,” which currently stands at 2.37. This metric measures the number of months it would take to sell all the available homes on the market. A lower number indicates a seller’s market, where demand exceeds supply, leading to potentially higher prices and faster sales.
Now, let’s shift our focus to the “12-Month Change in Months of Inventory,” which shows a decline of 0.84%. This means that over the past year, the supply of homes has decreased slightly. This decrease could be attributed to various factors, such as increased demand or a slowdown in new home construction. For sellers, this decline suggests a potentially more favorable market, as the competition may be less intense.
Moving on, we come to the “Median Days Homes are On the Market,” which currently stands at 32. This metric indicates the average number of days it takes for a home to sell after being listed. With a relatively low number like 32, it suggests that homes are selling relatively quickly. This could be due to factors such as competitive pricing, attractive properties, or a strong demand in the market.
Now, let’s discuss the “List to Sold Price Percentage,” which is currently at 97.7%. This metric measures the percentage of the listing price that sellers are able to achieve when selling their homes. A higher percentage indicates that sellers are obtaining a higher percentage of their asking price, which is a positive sign for them. It also suggests that buyers may need to be prepared to negotiate or potentially pay close to the asking price.
Lastly, we have the “Median Sold Price,” which currently stands at $380,000. This metric represents the middle point of all the sold prices in the market. It provides us with a snapshot of the overall market value and indicates the price range of homes being sold. For sellers, this median sold price can serve as a benchmark for setting their own listing prices, while buyers can use it to assess the affordability of properties in their desired area.
In conclusion, understanding these real estate metrics can be incredibly valuable for both buyers and sellers. The months supply of inventory, the change in inventory, the days homes are on the market, the list to sold price percentage, and the median sold price all provide insights into the current state of the market. As buyers, you can use this information to gauge competition and potentially negotiate better deals. And as sellers, you can leverage these metrics to set realistic prices and make informed decisions. Remember, knowledge is power in the 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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