Today we have an exciting opportunity to delve into the world of real estate metrics. Whether you are a buyer or a seller, understanding these metrics is crucial in making informed decisions in the ever-changing housing market. So, let’s jump right in!
Firstly, let’s talk about the “Months Supply of Inventory,” which currently stands at 2.46. This metric indicates 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 suggests a seller’s market, where demand outweighs supply, leading to potentially higher prices and quicker sales.
Now, let’s focus on the “12-Month Change in Months of Inventory,” which is at an impressive -22.15%. This percentage represents the rate of change in the supply of homes over the past year. A negative value signifies a decreasing trend in inventory, indicating a potentially more competitive market for buyers. Sellers, on the other hand, may benefit from this trend as it suggests a higher likelihood of selling their property quickly.
Moving on, we have the “Median Days Homes are On the Market,” which currently stands at a mere 16 days. This metric highlights the average number of days it takes for a home to go from being listed on the market to being sold. With such a short timeframe, it is evident that the market is moving at a rapid pace, indicating high demand and a sense of urgency among buyers. Sellers can take advantage of this by pricing their homes appropriately and potentially receiving multiple offers.
Next up is the “List to Sold Price Percentage,” which currently stands at an impressive 98.2%. This metric represents the percentage of the listing price that homes are typically sold for. A higher percentage suggests that homes are selling close to their asking price, which is great news for sellers. Buyers, on the other hand, may need to be prepared to negotiate and potentially offer a competitive price in order to secure their desired property.
Lastly, we have the “Median Sold Price,” which sits at a respectable $500,000. This metric represents the middle point of all the sold prices in a given period. It indicates the average price at which homes are being sold. A higher median sold price suggests a strong market with potential appreciation in property values. Sellers can take comfort in knowing that their property holds value, while buyers may need to consider their budget and make strategic decisions.
In conclusion, these real estate metrics provide valuable insights into the current market conditions for both buyers and sellers. With a low months supply of inventory, a decreasing trend in inventory, homes selling quickly, and a high list-to-sold price percentage, it is evident that we are in a competitive market. Sellers can take advantage of the high demand and potentially secure a favorable sale price, while buyers may need to act swiftly and offer competitive prices to secure their dream home.
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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