Today, I would like to discuss some important real estate metrics that can greatly influence your buying and selling decisions. By understanding these metrics, you can gain valuable insights into the market’s current conditions and make informed choices. So, let’s dive right in!
Firstly, let’s talk about the “Months Supply of Inventory,” which is a crucial metric used to measure the balance between supply and demand in the real estate market. In this case, the months supply of inventory is 2, indicating that it would take approximately two months to sell all the homes currently on the market if no new listings were added. This low supply suggests a competitive market, which can be advantageous for sellers as it often leads to higher prices.
Now, let’s discuss the “12-Month Change in Months of Inventory,” which is an indicator showing how the supply of homes has changed over the past year. The +16.96% increase implies that there has been a significant uptick in inventory compared to the previous year. This could suggest that more homes are entering the market, potentially giving buyers more options to choose from and potentially leading to a more balanced market.
Moving on, we have the “Median Days Homes are On the Market,” which tells us the average number of days it takes for a home to sell. In this case, the median is just 13 days, indicating a fast-paced market. As a seller, this means that your property is likely to attract attention quickly, potentially leading to a quicker sale. Conversely, as a buyer, you may need to act swiftly and make competitive offers to secure your desired property.
Next up, we have the “List to Sold Price Percentage,” which measures the percentage of the list price that a home actually sells for. At 98.6%, this metric suggests that homes are generally selling very close to their list prices. This could indicate that sellers are pricing their properties accurately, and buyers are willing to pay close to the asking price. For sellers, this is great news as it signifies a strong market where you can expect to receive a fair price for your home.
Lastly, we have the “Median Sold Price,” which gives us the middle point of all the sold prices in the market. In this case, the median sold price is $365,750. This figure provides a benchmark for both buyers and sellers, giving them an idea of the market’s overall price range. Buyers can use this information to compare the value of a property they are interested in, while sellers can use it to set a competitive and realistic asking price.
These real estate metrics provide valuable insights for both buyers and sellers. The low months supply of inventory suggests a competitive market, while the increase in months of inventory indicates a potential shift towards a more balanced market. The median days homes are on the market and the list to sold price percentage indicate a fast-paced market with homes selling close to their list prices. Lastly, the median sold price gives us a benchmark to assess the overall price range in the market.
By understanding these metrics and their correlations, you can make more informed decisions when buying or selling your property. Whether you are a buyer or a seller, it’s essential to stay up-to-date with the latest market trends and leverage this knowledge to your advantage.
Thank you for your attention, and I hope this analysis has provided you with valuable insights into the current real estate market.
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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