Hi Friends, today we have some fascinating real estate metrics to discuss that will surely pique the interest of both buyers and sellers. These statistics provide valuable insights into the current state of the housing market and can guide your decision-making process. So, let’s dive in!
Firstly, let’s talk about the “Months Supply of Inventory,” which stands at 2.1. This metric measures the number of months it would take to sell all available homes on the market if no new properties were listed. A lower number indicates a seller’s market, where demand exceeds supply, potentially leading to higher prices.
Now, let’s focus on the “12-Month Change in Months of Inventory,” which shows an impressive increase of 25%. This means that the number of months it would take to sell all available homes has grown by a quarter in the past year. While this might suggest a shift towards a buyer’s market, it’s essential to consider other factors as well.
Moving on, we have the “Median Days Homes are On the Market,” standing at just 19 days. This metric represents the average number of days it takes for a home to go from listing to being sold. A lower number here indicates a faster-paced market, where properties are being snatched up quickly. It could mean that, as a seller, you may expect a swift sale if your home is priced competitively.
Next up is the “List to Sold Price Percentage,” which currently sits at an impressive 97%. This metric measures the relationship between the initial listing price and the final selling price. A higher percentage suggests that homes are typically selling very close to their initial asking price, indicating a strong market with minimal price negotiations.
Lastly, we have the “Median Sold Price,” which stands at a robust $442,500. This figure represents the middle point of all the homes sold in the area, indicating the market’s overall price range. As a buyer or seller, this median sold price can give you a clear idea of the current market value of properties in the area.
In summary, these real estate metrics provide a comprehensive snapshot of the market’s condition. With a low “Months Supply of Inventory” and a significant increase in the “12-Month Change in Months of Inventory,” it suggests a market that favors sellers. Additionally, the short “Median Days Homes are On the Market” indicates a fast-paced environment, while the high “List to Sold Price Percentage” demonstrates strong buyer demand.
Considering all these factors, sellers can expect a quick sale at a price close to their initial asking price. Meanwhile, buyers should be prepared for a competitive market with limited inventory and potentially less room for price negotiation.
Remember, these metrics are just a starting point, and it’s crucial to consult with a real estate professional to gain a deeper understanding of your local market dynamics.
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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