Hi Friends, today we are going to delve into the fascinating world of real estate metrics. These metrics provide valuable insights into the current state of the market, and can be a useful tool for both buyers and sellers. So, let’s take a closer look at the correlation between these metrics and what they mean for you.
First, we have the “Months Supply of Inventory,” which currently stands at 5.56. This metric represents the number of months it would take to sell all the current listings on the market if no new listings were added. A lower number indicates a seller’s market, where demand exceeds supply, resulting in potentially higher prices.
Now, let’s examine the “12-Month Change in Months of Inventory,” which shows a positive increase of 23.01%. This means that the inventory of available homes has grown over the past year. This could indicate a shift towards a buyer’s market, where there is more supply than demand, potentially leading to more negotiating power for buyers.
Moving on, we have the “Median Days Homes are On the Market,” which currently sits at 60 days. This metric measures the average number of days it takes for homes to sell. A shorter time frame indicates a faster-moving market, with properties being snatched up more quickly.
Next, we have the “List to Sold Price Percentage,” which stands at a strong 98.8%. This metric represents the percentage of the original listing price that a property sells for. A higher percentage suggests that sellers are receiving offers close to their asking price, indicating a healthy and competitive market.
Lastly, we have the “Median Sold Price,” which currently stands at $450,000. This metric represents the middle point of all homes sold in a given time period. It serves as a benchmark for understanding the general price range of properties in the market.
Now, let’s tie all these metrics together. The increase in the “Months Supply of Inventory” coupled with the longer “Median Days Homes are On the Market” suggests a slight shift towards a buyer’s market. However, the high “List to Sold Price Percentage” and the strong “Median Sold Price” indicate that sellers are still able to fetch a good price for their properties.
For buyers, this combination of metrics suggests that there may be more options available and potentially more negotiating power. However, it’s important to act swiftly as homes are still selling relatively quickly. For sellers, this data indicates that the market is favorable, with a high likelihood of achieving a satisfactory sale price.
In conclusion, these real estate metrics provide a comprehensive snapshot of the market and its dynamics. For buyers and sellers, understanding these metrics can help inform decision-making and guide expectations. So, whether you are looking to buy or sell, keep a close eye on these metrics to stay ahead of the game in the ever-evolving world of real estate.
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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