Hello Friends, today we will be exploring the correlation between several key real estate metrics that are of utmost importance to both buyers and sellers. By analyzing this data, we aim to provide you with valuable insights into the current market trends and help you make informed decisions.
Let’s begin by examining the “Months Supply of Inventory,” which currently stands at 3.03. This metric represents the number of months it would take to sell all the homes on the market given the current sales pace. A lower supply suggests a seller’s market, where demand outweighs supply, leading to potential bidding wars and higher prices.
Now, let’s delve into the “12-Month Change in Months of Inventory,” which shows a positive percentage of 10.99%. This indicates an increase in the number of months it would take to sell all the homes on the market compared to the same period last year. While this may suggest a shift towards a buyer’s market with more inventory, it is essential to consider other factors that may influence this change, such as seasonality or economic conditions.
Moving on, we have the “Median Days Homes are On the Market,” which stands at 24. This metric represents the average number of days it takes for a home to go from listing to being sold. A lower median days on the market suggests a fast-paced market with high demand, where properties are selling quickly. On the other hand, a higher median indicates a slower market, potentially favoring buyers with more time to make decisions.
Next, we have the “List to Sold Price Percentage,” which currently stands at 98.5%. This metric reflects the percentage of the listing price that homes are eventually sold for. A higher percentage suggests that homes are selling close to their initial listing price, indicating strong market conditions and potentially limited room for negotiation.
Finally, let’s discuss the “Median Sold Price,” which is currently reported at $398,000. This metric represents the middle point of all the sold prices in a given area or market. It is essential to note that the median sold price can be influenced by a variety of factors, including the types of properties sold and their location. However, it serves as a useful benchmark for understanding the overall price range in a particular market.
Analyzing these real estate metrics provides valuable insights into the current market conditions. The months supply of inventory, the change in inventory over the past year, the median days on the market, the list to sold price percentage, and the median sold price all work together to paint a picture of the current state of the real estate market. Whether you are a buyer or a seller, understanding these metrics can help you make informed decisions and navigate the market 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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