Hi Friends, today we are here to discuss some crucial real estate metrics that can greatly impact both buyers and sellers in the market. By analyzing these metrics, we can gain valuable insights into the current state of the housing market and make informed decisions.
Let’s start by exploring the “Months Supply of Inventory,” which currently stands at 5.75. This metric represents the number of months it would take to sell all the homes on the market given the current sales pace. A lower number indicates a seller’s market, where demand exceeds supply, while a higher number suggests a buyer’s market. In our case, with 5.75 months of inventory, we can say that the market leans slightly towards sellers, but buyers still have a fair amount of options available.
Moving on to the “12-Month Change in Months of Inventory,” we observe a significant increase of +34.03%. This means that the number of homes available for sale has grown considerably over the past year. Such an increase could indicate a shift towards a buyer’s market, where buyers have more negotiating power and can potentially find better deals.
Another important metric to consider is the “Median Days Homes are On the Market,” which currently sits at 39. This figure represents how long, on average, it takes for a home to sell after being listed. A lower number suggests a strong seller’s market, where properties are snatched up quickly, while a higher number indicates a slower market. In our case, 39 days falls within a reasonable range, indicating a relatively balanced market where homes are selling at a steady pace.
Now let’s delve into the “List to Sold Price Percentage,” which stands at an impressive 98.1%. This metric reflects the percentage of the list price that homes are typically sold for. A higher percentage indicates that homes are selling close to or above their listing prices, which is great news for sellers. This figure suggests that sellers have been able to achieve their desired prices, although there may still be room for negotiation.
Finally, we come to the “Median Sold Price,” which currently stands at $485,000. This metric represents the middle point of all the sold prices in the market. By looking at the median sold price, buyers and sellers can gain insights into price trends and market value. In our case, with a median sold price of $485,000, we can conclude that the market is experiencing healthy price levels.
In conclusion, these real estate metrics provide valuable information for both buyers and sellers. The months supply of inventory, the change in months of inventory, and the median days homes are on the market suggest a market that is relatively balanced, with opportunities for both buyers and sellers. The list to sold price percentage indicates that sellers have been able to achieve their desired prices, while the median sold price indicates a healthy market value. Buyers and sellers should consider these metrics when making decisions in the current real estate market.
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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