Hi Friends, today we have gathered here to discuss some key real estate metrics that will provide valuable insights for both buyers and sellers in the market. These metrics are essential for understanding the current state of the real estate industry and making informed decisions regarding property transactions.
First, let’s examine the “Months Supply of Inventory,” which stands at 3.73. This metric represents the number of months it would take to sell all the homes on the market if no new listings were added. A lower number suggests a seller’s market, indicating high demand and potentially driving up prices. Conversely, a higher number implies a buyer’s market, suggesting more inventory and potentially leading to lower prices.
Now, let’s delve into the “12-Month Change in Months of Inventory,” which shows a positive percentage of +4.48%. This increase indicates that the supply of homes on the market has grown over the past year. For sellers, this may mean increased competition, potentially leading to longer selling times or the need for strategic pricing and marketing. Buyers, on the other hand, may find more options to choose from and potentially negotiate better deals.
Moving on to the “Median Days Homes are On the Market,” we observe a figure of 59. This metric highlights the average number of days it takes for a home to sell after it is listed. A lower number indicates a faster-paced market, giving sellers confidence in their ability to make a timely sale. For buyers, it suggests the need to act swiftly and make competitive offers to secure a property.
Let’s now focus on the “List to Sold Price Percentage,” which stands at an impressive 96.8%. This metric reveals the percentage of the listed price that homes are typically sold for. A higher percentage suggests that sellers are getting close to their asking price, indicating a strong market with minimal price negotiations. For buyers, this means they may need to be prepared to offer closer to the asking price or potentially face multiple competing offers.
Lastly, we come to the “Median Sold Price,” which is recorded at $358,000. This metric represents the middle point of all the sold prices in a given period. It is a useful indicator for both buyers and sellers to understand the overall price range of properties in the market. For sellers, it reflects the potential value of their property, while buyers can gauge the affordability of homes within their desired location.
In conclusion, these real estate metrics provide valuable insights for both buyers and sellers. Understanding the current market conditions can help sellers set realistic expectations and position their properties effectively. For buyers, these metrics offer guidance on market competitiveness and potential negotiation strategies. By staying informed and analyzing this data, both buyers and sellers can make more informed decisions in their real estate endeavors.
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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