Today we are going to analyze and discuss some key real estate metrics that are of utmost importance to both buyers and sellers. By understanding these metrics, you will be better equipped to make informed decisions in the ever-evolving real estate market.
Let’s begin by examining the Months Supply of Inventory, which currently stands at 3.33. This metric measures the number of months it would take to sell all the available homes on the market, given the current pace of sales. A lower supply indicates a seller’s market, where demand outweighs supply, potentially leading to higher prices and faster sales.
Now, let’s focus on the 12-Month Change in Months of Inventory, which has shown a significant increase of +24.72%. This indicates that the supply of homes has grown over the past year, potentially resulting in a more balanced market or even a buyer’s market. Buyers may have more options to choose from, and sellers may need to be more competitive with their pricing and marketing strategies.
Moving on, we have the Median Days Homes are On the Market, which currently sits at 40 days. This metric measures the average number of days it takes for a home to sell. A shorter duration suggests a strong demand for properties, while a longer period may indicate a slower market. With 40 days, we can conclude that homes are selling relatively quickly, which may be advantageous for sellers looking for a timely transaction.
Next, we have the List to Sold Price Percentage, which stands at an impressive 97.3%. This metric represents the percentage of the original list price that homes are ultimately sold for. A higher percentage suggests that sellers are achieving close to their initial asking price, indicating a strong market with limited negotiations. This is good news for sellers who want to maximize their return on investment.
Lastly, let’s discuss the Median Sold Price, which currently stands at $400,000. This metric reflects the middle point of all the sold prices within a specific period. It is important to note that this figure represents the overall median, and individual prices may vary depending on various factors such as location, size, and condition of the property.
In conclusion, these real estate metrics provide valuable insights into the current market conditions. With a relatively low Months Supply of Inventory and a high List to Sold Price Percentage, sellers can expect favorable conditions. However, the increasing 12-Month Change in Months of Inventory suggests a potential shift toward a more balanced market, benefiting buyers with more options. The median days on the market indicate a fast-paced selling environment, while the median sold price of $400,000 sets a benchmark for the market’s value.
Keep these metrics in mind when navigating the real estate landscape as both buyers and sellers. By understanding and analyzing these figures, you can make well-informed decisions in order to achieve your goals in the 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.
Download our FREEBIES here!
The Ultimate Home Buyer’s Guide
The Ultimate Home Seller’s Guide
Find us on YouTube!
#jenniferyoingcorealtor #jenniferyoingco #JenniferYoingcoTexas #houstonsuburb #houstonsuburbs #houstonsuburbgroup #texasrelocationexperts #HoustonRelocationExpert #HoustonRelocationSpecialist #NurseRelocationExpert #NurseRelocationSpecialist #newhomeconstruction #thehighlands #ravennahomes #ravennahomesforsale #ravennahomesrealtor #ravennahomesrealestateagent #springtexas #tomballtexas #livinginhoustontexas #livinginhouston #thewoodlandstexas #conroetexas #montgomerytexas #cypresstexas #newcaneytexas #portertexas #katytexas #pearlandtexas #richmondtexas #fulsheartexas #sugarlandtexas #houstontexas #magnoliatexas #hockleytexas #pinehursttexas #jerseyvillagetexas #humbletexas
