Thank you for joining me today as we delve into the fascinating world of real estate metrics. Whether you are a potential buyer or seller, the data I am about to present to you will provide valuable insights into the current state of the market.
Let’s start by discussing the months supply of inventory, which stands at a healthy 1.94. This metric represents the number of months it would take to sell all the current inventory of homes on the market, given the current sales pace. A lower number indicates a seller’s market, where demand outweighs supply, leading to potentially higher prices and faster sales. In this case, with a relatively low supply of inventory, sellers may have an advantage as buyers compete for the limited available properties.
Now, let’s turn our attention to the 12-month change in months of inventory, which has experienced a decline of -2.51%. This decrease indicates a tightening of the market, as the supply of homes is shrinking at a faster rate than the demand. This could potentially lead to increased competition among buyers, resulting in higher prices and quicker sales. Sellers may find themselves in a favorable position with fewer homes available for buyers to choose from.
Moving on, we have the median days homes are on the market, which currently stands at an impressive 13 days. This metric represents the average number of days it takes for a home to sell from the time it is listed. With a relatively short time frame, it suggests a high level of buyer interest and a fast-paced market. Sellers can take advantage of this by pricing their homes competitively and ensuring they are in top-notch condition to attract potential buyers.
Now, let’s discuss the list to sold price percentage, which is at an impressive 98.5%. This metric represents the average percentage of the listing price that a home sells for. A higher percentage indicates that sellers are receiving offers close to their asking price, signaling a strong market where buyers are willing to pay a premium. Sellers can feel confident knowing that they have a good chance of achieving their desired price.
Lastly, we have the median sold price, which currently stands at $419,900. This figure represents the middle point of all the sold prices in the market, with an equal number of homes selling above and below this price. This metric provides a snapshot of the current market value of homes and can be used as a reference point for both buyers and sellers. Buyers can use this information to determine if a property falls within their budget, while sellers can assess the market value of their home based on recent sales.
In conclusion, the correlation between these real estate metrics paints a picture of a competitive and robust market. With a low supply of inventory, declining months of inventory, short days on the market, high list to sold price percentage, and a healthy median sold price, sellers can feel confident about their prospects. Meanwhile, buyers will need to act quickly and be prepared to make competitive offers in order to secure their dream home.
I hope this analysis has provided you with valuable insights into the current state of the real estate market. Whether you are a buyer or seller, understanding these metrics will empower you to make informed decisions. Thank you for your attention, and I wish you all the best in your real estate endeavors.
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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