Hi Friends, today we will delve into the fascinating world of real estate metrics, specifically focusing on the correlation between various key indicators. Whether you are a buyer or a seller, understanding these metrics is crucial for making informed decisions in the ever-evolving real estate market.
Let’s begin with the “Months Supply of Inventory,” which currently stands at 2.35. This metric represents the number of months it would take to sell all the available homes on the market if no new listings were added. A lower number signifies a seller’s market, indicating high demand and potentially higher prices.
Now, let’s examine the “12-Month Change in Months of Inventory,” which shows a decline of -15.47%. This indicates a decreasing trend in the supply of homes over the past year. A downward trend in inventory can often lead to increased competition among buyers, potentially resulting in rising prices.
Moving on, we have the “Median Days Homes are On the Market,” which sits at 23. This metric measures the average number of days it takes for a home to sell. A lower number suggests a faster-paced market, indicating high interest and strong demand from buyers. Conversely, a higher number could indicate a slower market, potentially giving buyers more negotiating power.
Next, we have the “List to Sold Price Percentage,” which currently stands at an impressive 98%. This metric reveals the percentage of the list price that sellers are able to achieve when selling their homes. A higher percentage suggests that sellers are receiving offers close to their asking price, indicating a competitive market where buyers are willing to meet the seller’s expectations.
Finally, let’s discuss the “Median Sold Price” of homes, which stands at $415,000. This metric represents the middle point of all the sold prices within a given area, indicating the average price of homes sold. This figure provides a general idea of the price range that buyers and sellers can expect in the current market.
In analyzing these metrics, we can see a clear correlation between the decreasing supply of inventory, the short amount of time homes spend on the market, and the high list to sold price percentage. These indicators suggest a strong seller’s market, where demand outweighs supply, potentially leading to competitive bidding and higher prices.
For buyers, this may mean being prepared to act quickly when finding a desirable property and being open to offering a competitive price to secure a home. On the other hand, sellers can feel confident in the current market conditions, knowing that their homes are in demand and that they have a good chance of selling at or close to their asking price.
In conclusion, understanding these real estate metrics can provide valuable insights for both buyers and sellers. By keeping a close eye on the months supply of inventory, the median days homes are on the market, the list to sold price percentage, and the median sold price, individuals can navigate the market with confidence and make informed decisions. Whether you’re looking to buy or sell, these metrics serve as valuable tools to help you achieve your real estate goals.
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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