Hi Friends,
Today, we will be discussing some crucial real estate metrics that both buyers and sellers should pay attention to. These metrics provide valuable insights into the current state of the market and can help inform your decision-making process. So, let’s dive in!
Firstly, let’s examine the Months Supply of Inventory, which currently stands at 3.19. This metric represents the number of months it would take to sell the existing inventory of homes on the market. A lower value indicates a seller’s market, where demand outweighs supply. In this case, the relatively low supply suggests that buyers may face some competition when searching for their dream home.
Next, we have the 12-Month Change in Months of Inventory, which indicates a decline of -12.84%. This negative change suggests a decreasing inventory over the past year. For sellers, this reduction could potentially lead to increased demand and higher prices. On the other hand, for buyers, it may indicate a tighter market and potentially higher competition.
Moving on, the Median Days Homes are On the Market currently stands at 76. This metric represents the average number of days it takes for a home to sell. A lower number suggests a faster-paced market, indicating that well-priced and desirable properties are in high demand. For sellers, this could mean a quicker sale and less time on the market. For buyers, it highlights the importance of acting swiftly when they find a property that meets their criteria.
The List to Sold Price Percentage, at 96.8%, showcases the average proportion of the listing price that homes are selling for. This metric suggests that, on average, sellers are receiving approximately 96.8% of their asking price. For sellers, this indicates that pricing your property appropriately is crucial to maximize your chances of securing a sale at a desirable price. Buyers, on the other hand, may find this information useful when negotiating offers.
Lastly, let’s discuss the Median Sold Price, which currently stands at $285,835. This metric represents the midpoint of all the homes sold in the market. It provides a snapshot of the current price range and trends. For sellers, this information can help establish a realistic asking price. For buyers, it provides insight into the affordability of the market and the types of properties available at various price points.
In conclusion, these real estate metrics offer valuable insights into the current market conditions. The low Months Supply of Inventory suggests a seller’s market, while the declining 12-Month Change in Months of Inventory may signal increased competition. The Median Days Homes are On the Market indicates a fast-paced market, and the List to Sold Price Percentage highlights the importance of accurate pricing. Lastly, the Median Sold Price provides a snapshot of the current price range.
Whether you are a buyer or a seller, understanding these metrics can help inform your decisions and navigate the real estate market more effectively. Happy buying and selling!
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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