Hi Friends, thank you for joining me today as we delve into the world of real estate metrics. Whether you are a buyer or a seller, understanding these metrics can be a valuable tool in navigating the ever-changing housing market. So, let’s begin our analysis.
Firstly, let’s look at the months supply of inventory, which currently stands at 2.22. This metric represents the number of months it would take to sell all the available homes on the market, given the current rate of sales. A lower supply of inventory generally indicates a seller’s market, where demand exceeds supply. In this case, with a relatively low supply of 2.22 months, we can infer that the market favors sellers.
Now, let’s examine the 12-month change in months of inventory, which shows a decrease of 3.9%. A negative change in this metric suggests that the market has become tighter over the past year, indicating increased competition among buyers. This decline further strengthens the notion of a seller’s market, where buyers may face challenges in finding suitable properties.
Moving on, we have the median days homes are on the market, which currently stands at 38 days. This metric gives insight into the average time it takes for a home to sell. With a relatively short median of 38 days, it suggests that properties are moving quickly. Both buyers and sellers should be prepared for a fast-paced market, where acting promptly can be crucial.
Now, let’s take a look at the list to sold price percentage, which stands at an impressive 97.4%. This metric illustrates the percentage of the original listing price that homes are selling for. A higher percentage indicates that sellers are receiving offers close to, or even above, their asking price. This data suggests that buyers may need to be prepared to make competitive offers to secure their desired properties.
Lastly, we have the median sold price, which currently stands at $319,000. This metric gives us a snapshot of the middle price point of homes that have recently sold. For sellers, this data can help determine an appropriate listing price, while for buyers, it provides a benchmark to evaluate the affordability of properties in the market.
In summary, the correlation between these real estate metrics paints a picture of a seller’s market, characterized by a low supply of inventory, a decrease in months of inventory over the past year, and a high list to sold price percentage. This market condition may lead to shorter days on the market and potentially higher sale prices. Buyers should be prepared to act swiftly and competitively, while sellers may find themselves in a favorable position to negotiate offers.
Thank you for joining me today, and I hope this analysis has provided you with valuable insights into the current real estate market.
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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