Hi Friends, thank you for joining me today as we delve into the fascinating world of real estate metrics. Whether you’re a prospective buyer or seller, understanding these metrics can greatly impact your decision-making process. So, let’s jump right in and explore the correlation between the following real estate metrics.
First up, we have the Months Supply of Inventory, which currently stands at 1.62. This metric represents the number of months it would take to sell all the available homes in a given market if no new properties were to be listed. A lower supply indicates a seller’s market, where demand outstrips supply, potentially leading to higher prices and quicker sales.
Now, let’s examine the 12-Month Change in Months of Inventory, which is showing a positive increase of 10.2%. This figure signifies the percentage change in the supply of homes over the past year. In this case, the increase suggests that more homes have become available for sale, potentially offering buyers a wider selection to choose from.
Moving on, we arrive at the Median Days Homes are On the Market, which currently stands at a relatively low 29 days. This metric measures the average number of days it takes for a property to sell once it’s listed. A shorter duration indicates a faster-paced market, where motivated buyers are eager to snatch up desirable properties. For sellers, this metric signals the potential for a swift sale, provided their home is priced competitively and meets buyer expectations.
Next, we have the List to Sold Price Percentage, coming in at a strong 96.8%. This metric represents the ratio between the initial list price and the final sold price of a property. A high percentage suggests that homes are generally selling close to their initial listing price, indicating a healthy market with strong buyer demand and limited room for negotiations.
Lastly, we’ll explore the Median Sold Price, which currently stands at $393,000. This figure represents the midpoint of all the sold prices in a given market. It serves as a useful benchmark for both buyers and sellers, providing insights into the overall pricing trends and value of properties. A higher median sold price can indicate a robust market with appreciating home values.
Now, let’s tie all these metrics together. Based on the data provided, we can see that the real estate market in this particular area is experiencing a low supply of inventory, with a slight increase over the past year. This suggests that buyers may have more options to choose from, but competition remains fierce.
Additionally, the relatively short median days on the market and high list to sold price percentage indicate a strong buyer demand, potentially driving up prices. The median sold price of $393,000 further supports this notion.
In conclusion, this analysis paints a picture of a competitive real estate market, where buyers should be prepared to act swiftly and sellers can expect a high likelihood of achieving their desired sale price. As always, it’s important to consult with a real estate professional to navigate the intricacies of your local market and make informed decisions.
Thank you for joining me today. I hope you found this analysis informative and valuable in your real estate journey.
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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