Hi Friends, today we are here to discuss the correlation between some essential real estate metrics. Whether you are a buyer or a seller, understanding these numbers can provide valuable insights into the current market conditions and help you make informed decisions.
Let’s begin by looking at the “Months Supply of Inventory,” which currently stands at 3.06. This metric represents the number of months it would take to sell all the available homes in a given market, assuming no new listings are added. A lower value indicates a seller’s market, where demand outpaces supply, leading to potentially higher prices and quicker sales.
Now, let’s delve into the “12-Month Change in Months of Inventory,” which is at an impressive +148.78%. This figure shows the percentage change in the supply of homes over the past year. Such a substantial increase suggests that more properties have become available in the market, giving buyers a wider range of options to choose from. This change might indicate a shift towards a more balanced market, where supply and demand are more evenly matched.
Moving on to the “Median Days Homes are On the Market,” we find that homes are typically sold within a mere 15 days. This low number indicates a high demand for properties, leading to a faster turnover and potentially competitive bidding situations. Buyers should be prepared to act swiftly in this fast-paced market, while sellers can take advantage of the quick sales and potentially secure favorable offers.
Next, we have the “List to Sold Price Percentage,” which currently stands at an impressive 99.9%. This figure represents the percentage of the listing price that homes are typically sold for. A higher percentage suggests that sellers are receiving close to their asking price, indicating a strong market where buyers are willing to pay top dollar for desirable properties. Sellers can take comfort in knowing that their homes are likely to fetch a good price, while buyers should be prepared to make competitive offers.
Lastly, we have the “Median Sold Price,” which currently sits at $520,000. This figure represents the middle point of all the sold prices within a given market. It provides a snapshot of the current pricing trends and can be used as a benchmark when considering the value of a property. Buyers can use this figure to gauge whether a property is priced competitively, while sellers can use it as a reference point when determining their asking price.
In conclusion, the correlation between these real estate metrics paints a picture of a strong and dynamic market. The low months supply of inventory and the high list to sold price percentage indicate a seller’s market, where demand is robust, and properties are selling quickly and at favorable prices. However, the significant increase in the months of inventory suggests a potential shift towards a more balanced market. Buyers can take advantage of the wider selection of homes, while sellers can still expect to receive competitive offers. With a median days on the market of 15 and a median sold price of $520,000, it is clear that the real estate market is active and offers exciting opportunities for both buyers and sellers.
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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