Hi Friends, Today, we will delve into the correlation between several key real estate metrics that can greatly impact your decisions in the housing market. By analyzing this data, we hope to provide you with valuable insights to aid in your buying or selling journey.
Let’s start by examining the Months Supply of Inventory, which currently stands at 2.68. This metric represents the number of months it would take to sell all the available homes on the market at the current pace of sales. A lower supply of inventory generally indicates a seller’s market, as demand outweighs supply, leading to potentially higher prices.
Now, let’s consider the 12-Month Change in Months of Inventory, which has seen a positive increase of 11.2%. This change suggests that the supply of homes has increased over the past year. This could be an advantageous factor for buyers, as a higher inventory may provide more options and potentially lead to more favorable negotiating positions.
Moving on, we come to the Median Days Homes are On the Market, which currently sits at 25. This metric measures the average number of days it takes for homes to sell. A lower number of days indicates a faster-paced market, where homes are in high demand and tend to sell quickly. Conversely, a higher number of days may suggest a slower market, where buyers have more time to consider their options and negotiate prices.
Next, let’s explore the List to Sold Price Percentage, which stands at an impressive 97.8%. This metric represents the percentage of the listing price that homes actually sell for. The higher the percentage, the closer the selling price is to the original listing price. A high percentage indicates that sellers are receiving offers close to their asking price, which can be reassuring for those considering selling their homes.
Finally, we have the Median Sold Price, currently at $261,579. This metric provides an overview of the midpoint of all home sale prices in the market. It is essential for both buyers and sellers to be aware of this figure, as it helps determine the average price range for homes in a particular area. Understanding the median sold price can assist sellers in setting realistic listing prices and buyers in evaluating whether a property falls within their budget.
To summarize, the correlation between these real estate metrics reveals a dynamic and potentially favorable market for both buyers and sellers. With a relatively low supply of inventory, increasing inventory levels over the past year, homes selling swiftly, and sellers receiving offers close to their asking prices, it is clear that the market is active and offers opportunities for all parties involved.
Whether you are a buyer or seller, this information can serve as a valuable tool in making informed decisions. By staying up-to-date with these metrics and seeking the guidance of a knowledgeable real estate professional, you can navigate the market with confidence and achieve your desired outcomes.
Thank you for your attention, and we wish you success in your real estate endeavors.
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
