Hi Friends. Today we will be discussing some key real estate metrics that are crucial for both buyers and sellers. These metrics provide valuable insights into the current market conditions and can help guide your decision-making process.
Firstly, let’s talk about the “Months Supply of Inventory,” which is currently at 2.25. This metric represents the number of months it would take to sell all the existing homes on the market if no new listings were added. A lower number indicates a seller’s market, where demand exceeds supply, and prices tend to increase. With a supply of only 2.25 months, we can conclude that the market favors sellers, presenting an opportune time for those looking to sell their properties.
Moving on to the “12-Month Change in Months of Inventory,” we observe a significant increase of 15.38%. This metric measures the percentage change in the supply of homes over the past year. The positive change indicates a slight increase in inventory, suggesting a more balanced market compared to the previous year. This shift can provide buyers with more options and potentially reduce some of the competitive pressures.
Now, let’s dive into the “Median Days Homes are On the Market,” which stands at 33. This metric represents the average number of days a home remains on the market before being sold. A lower number signifies a faster-paced market with high demand, typically favoring sellers. In this case, with homes spending an average of 33 days on the market, it is safe to say that the market is quite active, which could indicate strong buyer interest.
Next, we have the “List to Sold Price Percentage,” which is currently at an impressive 97%. This metric measures the percentage of the initial listing price that a home eventually sells for. A higher percentage suggests that homes are selling close to their asking price, indicating a strong market and potentially multiple offers. With a list to sold price percentage of 97%, sellers can feel confident that they are receiving competitive offers on their properties.
Lastly, let’s discuss the “Median Sold Price,” which currently stands at $391,995. This metric represents the middle point of all the sold prices in a given area. It provides a clear picture of the average price at which properties are being sold. With a median sold price of $391,995, we can conclude that the market is strong, and property values are holding steady.
In conclusion, these real estate metrics paint a promising picture for both buyers and sellers. The low Months Supply of Inventory and high List to Sold Price Percentage indicate a seller’s market, while the increase in Months of Inventory suggests a slightly more balanced market compared to the previous year. The relatively short Median Days Homes are On the Market and the steady Median Sold Price further support the notion of a vibrant real estate market.
As buyers, this information suggests that there may be more options available to you, providing an opportunity to find your dream home without excessive competition. For sellers, these metrics indicate a favorable market where properties are selling at competitive prices and within a reasonable timeframe.
Remember, these metrics are subject to change, so it’s essential to stay informed and work with a knowledgeable real estate professional to navigate the ever-changing market conditions.
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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