Hello Friends, gather ’round as we delve into the fascinating world of real estate metrics! Today, we have a treasure trove of data that will captivate both buyers and sellers alike. So, let’s buckle up and explore the correlation between these metrics, shall we?
First up, we have the Months Supply of Inventory, which stands at 1.71. This metric measures how long it would take to sell all the current inventory at the current sales pace. In simple terms, it tells us the balance between supply and demand in the market. A lower number like 1.71 suggests a tight market where sellers have the upper hand.
But hold on tight, because we’re about to witness a significant shift. The 12-Month Change in Months of Inventory has skyrocketed by an impressive 36.8%. This increase indicates that the market is experiencing an influx of available homes, which could potentially tip the scales in favor of buyers. Sellers, take note of this change as it might impact your pricing and negotiation strategies.
Now, let’s talk about the speed at which homes are flying off the market. The Median Days Homes are On the Market is a mere 15 days. Yes, you heard that right – just 15 days! This metric reveals the average time it takes for a home to go from listing to being sold. With such a short duration, it’s evident that buyers need to act swiftly in this competitive market.
When it comes to negotiating prices, both buyers and sellers will be pleased to know that the List to Sold Price Percentage stands at a remarkable 98.7%. This means that, on average, homes are selling at nearly the full asking price. Sellers can rejoice knowing that their properties are fetching close to what they’re asking, while buyers should be prepared to make strong offers to secure their dream homes.
Last but certainly not least, the Median Sold Price comes in at a robust $315,000. This metric represents the middle point of all the prices at which homes have sold. It’s a clear indication of the value of properties in this market. Buyers looking for properties in this price range will find plenty of options, and sellers within this range can be confident in the demand for their homes.
In summary, we’ve explored a range of real estate metrics that provide valuable insights for both buyers and sellers. The Months Supply of Inventory, 12-Month Change in Months of Inventory, Median Days Homes are On the Market, List to Sold Price Percentage, and Median Sold Price all contribute to a comprehensive understanding of the current market conditions. So, whether you’re looking to buy or sell, armed with this knowledge, you can make informed decisions and navigate the real estate landscape with confidence.
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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