Hi Friends, today we will delve into the fascinating world of real estate metrics and explore the correlation between some key indicators. Whether you are a buyer or seller, understanding these metrics can provide valuable insights into the current market conditions. So, let’s dive right in!
Our first metric is the Months Supply of Inventory, which currently stands at 2.64. This metric measures the number of months it would take to sell all the available homes on the market, assuming no new listings are added. A lower number indicates a seller’s market, where demand exceeds supply, and vice versa. With a Months Supply of Inventory at 2.64, we can confidently say that we are currently in a seller’s market, where homes are in high demand.
Now, let’s examine the 12-Month Change in Months of Inventory, which shows a notable increase of 20%. This increase indicates a shift towards a more balanced market, where supply and demand are starting to level out. While still favoring sellers, this change suggests that buyers may have slightly more options to choose from compared to the previous year.
Moving on to the Median Days Homes are On the Market, we find that homes are spending an average of 25 days before being sold. This metric gives us an idea of how quickly properties are being snapped up. A lower number suggests a faster-paced market, indicating high demand and potentially multiple offers on properties. With homes selling within 25 days, it is evident that buyers need to act swiftly in this competitive market.
Next, let’s explore the List to Sold Price Percentage, which currently stands at an impressive 98.3%. This metric reveals the percentage at which homes are selling compared to their initial listing price. A higher percentage indicates strong negotiating power for sellers, as they are often able to secure a price close to or even above their listing price. This data suggests that sellers are achieving a significant portion of their asking price, showcasing a robust market with motivated buyers.
Lastly, we come to the Median Sold Price, which currently stands at $299,980. This metric represents the middle point of all the sold prices in the market. It provides a snapshot of the market’s overall pricing trends. With a median sold price of $299,980, buyers can expect to find homes priced around this range, while sellers can gauge the market value of their properties.
In conclusion, these real estate metrics paint a vivid picture of the current market conditions. With a low Months Supply of Inventory and a high List to Sold Price Percentage, it is evident that we are in a seller’s market with strong demand and limited supply. However, the 12-Month Change in Months of Inventory suggests a slight shift towards a more balanced market, providing buyers with more options. The Median Days Homes are On the Market indicate a fast-paced environment, requiring buyers to act swiftly. Lastly, the Median Sold Price gives both buyers and sellers a benchmark for pricing expectations.
Whether you are buying or selling, understanding these metrics can empower you to make informed decisions in this dynamic real estate landscape. As always, it is crucial to consult with a professional real estate agent who can guide you through the intricacies of the market and help you achieve your 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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