Today we will be discussing some crucial real estate metrics that have a significant impact on both buyers and sellers. These metrics provide insightful information about the current state of the real estate market and can help guide informed decisions. So, let’s jump right into it!
First, let’s explore the “Months Supply of Inventory.” This metric measures the number of months it would take to sell all available homes on the market, given the current sales pace. In our case, the months supply of inventory stands at 2.68. This indicates that it would take approximately 2.68 months to sell all the homes currently listed in the market, assuming no new listings appear.
Now let’s turn our attention to the “12-Month Change in Months of Inventory.” This metric reveals the percentage change in the supply of homes over the past year. In our analysis, we observe a positive change of 21.27%, suggesting that the number of homes available for sale has increased significantly compared to the previous year.
Moving on, we have the “Median Days Homes are On the Market,” which is a crucial metric for both buyers and sellers. This metric tells us how long, on average, it takes for a home to be sold. In our case, the median days homes are on the market is 25. This means that, on average, it takes around 25 days for a home to be sold.
Now let’s delve into the “List to Sold Price Percentage.” This metric provides valuable insights into the negotiation dynamics between buyers and sellers. A percentage of 98.1% indicates that, on average, homes are selling very close to their list price. This suggests that sellers are having success in achieving their desired selling price, while buyers may need to offer competitive offers to secure a property.
Finally, we come to the “Median Sold Price.” This metric provides a snapshot of the midpoint of all the sold prices in a given area. In our case, the median sold price is $299,900. This figure represents the price at which half of the homes sold for more and half sold for less. It serves as a useful reference point for both buyers and sellers to gauge the current market values.
Taking all these metrics into account, we can make some observations. The relatively low “Months Supply of Inventory” and short “Median Days Homes are On the Market” indicate a competitive market where homes are selling relatively quickly. However, the “12-Month Change in Months of Inventory” suggests a recent increase in available homes, which could potentially provide more options for buyers.
Additionally, the “List to Sold Price Percentage” of 98.1% implies that sellers are achieving their desired prices, indicating a strong seller’s market. Meanwhile, the “Median Sold Price” of $299,900 provides buyers and sellers with a benchmark for pricing their properties.
These real estate metrics provide valuable insights for both buyers and sellers. By understanding the current state of the market, buyers can make informed decisions about their purchase, while sellers can strategically price their properties. Ultimately, these metrics help create a transparent and efficient real estate market that benefits all parties involved.
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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