Hi Friends, today we will be discussing some crucial real estate metrics that can greatly influence your decision-making process as either a buyer or seller. These metrics provide valuable insights into the current state of the market and can help you make informed decisions. So, let’s dive right in!
First up, we have the Months Supply of Inventory which currently stands at 4.23. This metric represents the number of months it would take to sell all the available homes on the market at the current sales pace. A lower number indicates a seller’s market, where demand outpaces supply, leading to potentially higher prices and quicker sales.
Now, let’s take a look at the 12-Month Change in Months of Inventory, which shows a significant increase of +17.17%. This indicates that the supply of homes on the market has grown over the past year. While this may suggest a shift towards a buyer’s market, it’s important to consider other factors like demand and pricing trends.
Moving on, we have the Median Days Homes are On the Market, which currently stands at 41 days. This metric provides an understanding of how long it takes for a property to sell on average. A lower number indicates a faster-paced market, where homes are in high demand and tend to sell quickly. On the other hand, a higher number may suggest a slower market with less buyer interest.
Next, we have the List to Sold Price Percentage, which currently sits at an impressive 97.7%. This metric represents the percentage of the original listing price that sellers are able to obtain when their property is sold. A higher percentage indicates that sellers are achieving close to their asking price, suggesting a strong market with motivated buyers.
Lastly, we have the Median Sold Price, which currently stands at $380,555. This metric represents the midpoint price of all the homes sold in the market. It gives you a sense of the overall price range and can help you gauge the affordability of properties in the area.
Now that we have analyzed these real estate metrics, let’s tie them together to give you an overall picture. The Months Supply of Inventory and the 12-Month Change in Months of Inventory suggest that the market is experiencing a slight increase in supply, potentially favoring buyers. However, when looking at the Median Days Homes are On the Market and the List to Sold Price Percentage, it becomes evident that there is still strong demand and sellers are achieving a high percentage of their asking price.
Considering all these factors, buyers can expect a market that offers a reasonable supply of homes to choose from, while sellers can anticipate a market where their properties have a good chance of selling at a favorable price.
In conclusion, these real estate metrics provide valuable insights for both buyers and sellers. By understanding the current state of the market, you can make informed decisions that align with your goals. Whether you’re looking to buy or sell, it’s always wise to stay updated on these metrics and consult with a professional real estate agent who can guide you through the process. Happy buying and selling!
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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