The real estate market is a dynamic and ever-changing landscape, and it is essential for both buyers and sellers to stay informed about key metrics that can impact their decisions. Today, we will delve into some important real estate metrics to help you navigate the market with confidence.
First, let’s look at the months supply of inventory, which currently stands at 5.88. This metric represents the number of months it would take to sell all available homes on the market if no new listings were added. A lower number indicates a seller’s market, where demand outstrips supply, leading to potential bidding wars and higher prices. Conversely, a higher number suggests a buyer’s market, where there is an abundance of inventory, giving buyers more bargaining power.
Next, we have the 12-month change in months of inventory, which shows a significant increase of 41.01%. This indicates a shift towards a buyer’s market, as the supply of homes has grown relative to demand. Buyers may find more choices and potentially negotiate better deals in such a market, while sellers may need to price their homes competitively to attract buyers.
Moving on, we have the median days homes are on the market, which currently stands at 39. This metric measures the average number of days it takes for a property to sell. A lower number suggests a faster-paced market, where well-priced and desirable homes are selling swiftly. Conversely, a higher number indicates a slower market, where homes may take longer to find a buyer. This information can be valuable for sellers looking to gauge the average time it may take to sell their property.
Now let’s discuss the list to sold price percentage, which currently stands at 98.5%. This metric represents the ratio of the final sale price to the listing price. A higher percentage suggests that homes are selling close to or even above their initial asking prices, indicating a strong market with competitive bidding. Buyers may need to be prepared to make competitive offers in such a market, while sellers can expect strong returns on their investments.
Lastly, we have the median sold price, which currently sits at $271,000. This metric represents the middle point of all the sold prices over a specific period. It provides a snapshot of the overall price range in the market. Buyers can use this information to understand the price range they may encounter, while sellers can use it to set realistic and competitive listing prices.
In summary, these real estate metrics provide valuable insights into the current market conditions. Buyers can utilize this information to make informed decisions and negotiate effectively, while sellers can use it to price their homes competitively and attract potential buyers. By staying knowledgeable about these metrics, both buyers and sellers can navigate the real estate market with confidence.
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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