Today, we will be discussing some key real estate metrics that are of utmost importance to both buyers and sellers in the market. These metrics provide valuable insights into the current state of the real estate industry and can assist you in making informed decisions.
Firstly, let’s take a look at the months supply of inventory, which stands at 3.26. This metric represents the number of months it would take to sell all the currently listed homes if no new listings were added. A lower number indicates a seller’s market, where demand exceeds supply. With a months supply of inventory at 3.26, we can infer that the market is currently favoring sellers, as the supply is relatively low compared to the demand.
Next, let’s consider the 12-month change in months of inventory, which shows a decrease of 1.51%. This indicates a trend towards a tighter market, with supply decreasing over the past year. This change suggests that competition among buyers may be intensifying, making it more challenging for buyers to find suitable properties.
Moving on, we come to the median days homes are on the market, which is 35. This metric represents the average number of days it takes for a home to be sold after being listed. A lower number signifies a faster-paced market with high buyer demand. A median of 35 days indicates that homes are selling relatively quickly, highlighting the desirability of the properties on offer.
Now, let’s discuss the list to sold price percentage, which is at an impressive 97.8%. This metric reveals the percentage of the listing price that sellers are able to achieve when their homes are sold. A higher percentage suggests that sellers are effectively pricing their homes and are able to secure close to the asking price. This is great news for sellers as it demonstrates that buyers are willing to pay a significant portion of the listed price.
Finally, we come to the median sold price, which stands at $334,950. This metric represents the middle price point of all the homes sold in a given area. A higher median sold price indicates a higher overall value of properties in the market. This figure provides reassurance to both buyers and sellers, as it demonstrates stability and potential for appreciation.
In conclusion, the real estate metrics presented here paint a picture of a market that is favorable for sellers. With a relatively low months supply of inventory, decreasing supply over the past year, homes selling quickly, and sellers achieving a high percentage of their asking price, sellers can expect a competitive environment with potential for strong returns. For buyers, it signifies a market with limited options and the need for decisive action. However, the stability and higher median sold price provide assurance of a valuable investment.
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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