Hello friends, today we have gathered to discuss some important real estate metrics that will surely pique the interest of both buyers and sellers. These metrics provide valuable insights into the current state of the market and can help inform your decisions in the world of real estate.
Let’s start by examining the Months Supply of Inventory, which currently stands at 1.93. This metric represents the number of months it would take to sell all the existing homes on the market if no new listings were added. A lower number indicates a seller’s market, where demand exceeds supply, and prices tend to rise. With a Months Supply of Inventory at 1.93, we can confidently say that it is indeed a seller’s market, offering sellers a great advantage when it comes to negotiating prices.
Moving on, the 12-Month Change in Months of Inventory has seen an increase of 7.82%. This change signifies the rate at which the supply of homes on the market has grown or declined over the past year. A positive percentage indicates an increase in inventory, suggesting a potential shift towards a buyer’s market. However, it is essential to note that despite this increase, the Months Supply of Inventory remains relatively low, indicating a continued seller’s market.
Let’s now shift our focus to the Median Days Homes are On the Market, which currently stands at an astonishingly low 9 days. This metric measures the average number of days a property remains listed before it is sold. A lower number suggests a high demand for homes, indicating a competitive market where properties are quickly snatched up by eager buyers. With homes spending such a short amount of time on the market, this is a clear sign of a fast-paced, seller’s market.
The List to Sold Price Percentage is another crucial metric that both buyers and sellers should pay close attention to. Currently at an impressive 98.7%, this percentage represents the average amount a property sells for in relation to its initial listing price. A higher percentage indicates strong negotiation power for sellers, as properties are selling close to or even above the original listing price. This metric underscores the favorable conditions sellers are currently enjoying in the market.
Lastly, let’s discuss the Median Sold Price, which is currently recorded at $445,000. This metric represents the midpoint value of all the properties sold in a given period. It serves as a useful indicator of the overall price trend in a specific market. With a median sold price of $445,000, we can see that this particular market offers properties at a higher price point. This metric is especially significant for both buyers and sellers as it provides a benchmark for understanding the value of homes in the area.
In conclusion, the correlation between these real estate metrics reveals a strong seller’s market with a limited supply of inventory, high demand, properties selling quickly, and close to or even above the listing price. The market conditions are favorable for sellers, allowing them to command higher prices and negotiate successfully. However, buyers should be prepared for a competitive market with limited options and potentially higher prices. It is essential for both buyers and sellers to utilize these metrics to make informed decisions and navigate the real estate market effectively.
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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