Hi Friends, today we will be discussing some crucial real estate metrics that can greatly impact both buyers and sellers in the market. These metrics provide valuable insights into the current state of the real estate market, helping individuals make informed decisions.
Let us begin by analyzing the “Months Supply of Inventory,” which is currently at 3.03. This metric indicates the number of months it would take to sell all the available homes on the market, given the current sales pace. A lower number suggests a seller’s market, indicating high demand and limited inventory. Conversely, a higher number points to a buyer’s market, where there is more inventory than buyers.
Now, let’s delve into the “12-Month Change in Months of Inventory,” which stands at an impressive -46.65%. This percentage signifies a significant decrease in the number of months it would take to sell all the available homes compared to the previous year. Such a decline indicates a rapidly moving market with increased demand. For sellers, this means quicker sales and potentially higher prices, while for buyers, it may imply heightened competition and the need for prompt decision-making.
Another essential metric to consider is the “Median Days Homes are On the Market,” currently averaging 85 days. This figure represents the median number of days it takes for a home to sell after being listed. A lower number suggests a fast-paced market, where homes are being swiftly snatched up. Conversely, a higher number signifies a slower market, potentially offering buyers more time to evaluate their options.
Moving on to the “List to Sold Price Percentage,” we find it at an impressive 96.7%. This metric reveals the percentage of the listing price that sellers are able to achieve when their homes are sold. A higher percentage indicates that homes are selling close to or even above the original asking price. This could be an encouraging sign for sellers, as it suggests strong buyer interest and the potential for bidding wars. Conversely, buyers may need to be prepared to make competitive offers in order to secure a property.
Finally, let’s examine the “Median Sold Price,” which currently stands at $486,885. This figure represents the midpoint of all the sold prices over a given period. It gives us a sense of the overall price range in the market. For sellers, this metric serves as a benchmark to set their asking price, while for buyers, it provides an idea of what they can expect to pay for a property.
In conclusion, these real estate metrics provide valuable insights for both buyers and sellers. The low “Months Supply of Inventory” and significant decrease in the “12-Month Change in Months of Inventory” indicate a fast-paced market with high demand and limited inventory. The “Median Days Homes are On the Market” suggests that homes are selling relatively quickly, while the “List to Sold Price Percentage” showcases strong buyer interest and potential bidding wars. Finally, the “Median Sold Price” gives us an idea of the overall price range in the market. Armed with this information, both buyers and sellers can make informed decisions and 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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