Hello friends, thank you for joining us today as we delve into the world of real estate metrics. We understand that as buyers and sellers, you are interested in making informed decisions in the market. Today, we will analyze some key metrics that will shed light on the current state of the real estate market.
Let’s start by examining the Months Supply of Inventory, which stands at 2.52. This metric represents the time it would take for all the properties currently on the market to be sold, given the current sales pace. A lower number indicates a seller’s market, where demand outpaces supply. In this case, a Months Supply of Inventory of 2.52 suggests a relatively tight market, with limited inventory available.
Now, let’s move on to the 12-Month Change in Months of Inventory, which shows a significant decrease of -50.59%. This indicates a substantial drop in the number of months it would take to sell all the existing properties compared to the previous year. Such a decline signifies a market that is becoming even more competitive and fast-paced. Buyers might face increased competition, potentially leading to higher prices.
Next, we have the Median Days Homes are On the Market, which currently stands at 30. This metric measures the average number of days it takes for a property to be sold after being listed on the market. A lower number generally suggests a hot market, where homes are snatched up quickly. In this case, the median of 30 days indicates a fast-moving market, emphasizing the need for buyers to act swiftly.
Moving on, we have the List to Sold Price Percentage, which records an impressive 98.9%. This metric represents the ratio of the final sold price to the original listing price. A higher percentage indicates that homes are selling close to or at their asking price. In this case, the high percentage suggests that sellers are successfully negotiating favorable deals, often resulting in minimal price reductions.
Lastly, let’s explore the Median Sold Price, which currently sits at $404,995. This metric represents the middle point of all sold prices in a given area. It provides a snapshot of the overall market value of homes. In this case, the median sold price indicates the average value of properties being sold. Buyers and sellers can use this information to gauge the general price range of properties in the market.
In conclusion, these real estate metrics collectively paint a picture of a competitive market with limited inventory available, resulting in properties being sold at or close to their listing prices within a relatively short timeframe. Buyers should be prepared to act quickly and potentially face increased competition, while sellers can take advantage of the favorable conditions to negotiate favorable deals.
We hope that this analysis has been informative and empowering for both buyers and sellers. Remember, knowledge is power in the real estate market, and understanding these metrics will help you navigate this dynamic landscape. Thank you for your attention, and we wish you success 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.
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
