Hi Friends, today we will delve into the fascinating world of real estate metrics to understand the correlation between various factors that can greatly impact the buying and selling process. Whether you are a buyer or a seller, this analysis will provide you with valuable insights into the current state of the market.
Let’s start by examining the “Months Supply of Inventory,” which currently stands at 4.74. This metric measures the number of months it would take to sell all the available properties on the market, assuming no new listings are added. A lower number indicates a seller’s market, where demand exceeds supply. In this case, with a 4.74-month supply, we can infer that the market is slightly favoring sellers, as there are more buyers than available properties.
Now, let’s consider the “12-Month Change in Months of Inventory,” which shows a noteworthy increase of 19.1%. This indicates that the supply of homes for sale has increased over the past year. As a buyer, this is positive news, as the rise in inventory provides you with more options and potentially more negotiating power.
Moving on, we have the “Median Days Homes are On the Market,” which currently stands at a mere 15 days. This metric reveals the average time it takes for a property to go from listing to sale. With such a short duration, it is clear that the market is highly active and properties are selling quickly. As a seller, this means you can expect a swift turnaround and potentially multiple offers on your property.
Next, we have the “List to Sold Price Percentage,” which stands at an impressive 98.6%. This metric represents the percentage of the original asking price that a property ultimately sells for. A high percentage like this indicates that sellers are achieving their desired prices and buyers are willing to meet those demands. As a seller, this metric gives you confidence that you can secure a favorable selling price for your property.
Lastly, we have the “Median Sold Price,” which currently stands at a staggering $2,207,012. This metric represents the midpoint of all sold properties’ prices. This notably high median sold price indicates that the market consists of luxury properties and affluent buyers. It is important to note that this metric may not reflect the price range of all properties in the market.
To summarize, the correlation between these real estate metrics reveals a market that slightly favors sellers due to the relatively low supply of inventory. However, the increase in inventory over the past year provides buyers with more options. The market is highly active, with properties selling rapidly and sellers achieving a high percentage of their asking prices. Lastly, the high median sold price points to a luxury market with affluent buyers.
Whether you are a buyer or a seller, understanding these metrics is crucial to making informed decisions in the real estate market. We hope this analysis has provided you with valuable insights and has kept you engaged and interested in the fascinating world of real estate.
Looking to relocate to Houston? We can recommend Houston Movers in our area.
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.
Download our FREEBIES here!
The Ultimate Home Buyer’s Guide
The Ultimate Home Seller’s Guide
Find us on YouTube!
#jenniferyoingcorealtor #jenniferyoingco #JenniferYoingcoTexas #houstonsuburb #houstonsuburbs #houstonsuburbgroup #texasrelocationexperts #HoustonRelocationExpert #HoustonRelocationSpecialist #NurseRelocationExpert #NurseRelocationSpecialist #newhomeconstruction #thehighlands #ravennahomes #ravennahomesforsale #ravennahomesrealtor #ravennahomesrealestateagent #springtexas #tomballtexas #livinginhoustontexas #livinginhouston #thewoodlandstexas #conroetexas #montgomerytexas #cypresstexas #newcaneytexas #portertexas #katytexas #pearlandtexas #richmondtexas #fulsheartexas #sugarlandtexas #houstontexas #magnoliatexas #hockleytexas #pinehursttexas #jerseyvillagetexas #humbletexas
