Hi Friends, today I am here to discuss some crucial real estate metrics that are essential for both buyers and sellers in the market. By understanding these metrics, you can make informed decisions and have a better grasp of the current state of the real estate market. So, let’s dive right in!
Firstly, let’s talk about the “Months Supply of Inventory,” which currently stands at 2.14. This metric represents the number of months it would take to sell all the available homes on the market, given the current pace of sales. A lower number suggests a seller’s market, where demand exceeds supply, leading to potentially higher prices and more competition among buyers.
Now, let’s move on to the “12-Month Change in Months of Inventory,” which shows a positive percentage of +3.88%. This indicates an increase in the number of months it would take to sell all the available homes compared to the previous year. While this may suggest a slight shift towards a buyer’s market, it is essential to note that the overall supply is still relatively low, indicating a continued demand for properties.
Next, we have the “Median Days Homes are On the Market,” which currently sits at 25. This metric represents the average number of days it takes for a home to sell once it is listed. A shorter duration implies a fast-paced market, with properties attracting buyers quickly. This could be an advantageous situation for sellers who are looking to make a swift sale.
Moving on, we have the “List to Sold Price Percentage,” which stands at an impressive 98%. This metric indicates the final selling price as a percentage of the initial listing price. A higher percentage suggests that homes are selling very close to their asking prices, showcasing a strong seller’s market. This may imply that sellers have more negotiating power and can potentially secure top dollar for their properties.
Lastly, we have the “Median Sold Price,” which currently stands at $1,740,000. This metric represents the middle point of all the sold prices in a given area, providing a snapshot of the market’s overall price range. With a median sold price of $1,740,000, we can infer that the market caters to higher-end properties and may attract buyers with a higher purchasing power.
In conclusion, these real estate metrics offer valuable insights into the current market conditions for both buyers and sellers. While the Months Supply of Inventory and the 12-Month Change in Months of Inventory indicate a continued demand for properties, the Median Days Homes are On the Market suggests a fast-paced market. Additionally, the List to Sold Price Percentage of 98% and the Median Sold Price of $1,740,000 highlight a seller’s market with potential for favorable selling conditions.
By understanding and analyzing these metrics, 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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