Hello friends, as buyers and sellers in the real estate market, it is crucial to understand and analyze the various metrics that drive the industry. Today, we will delve into the correlation between several key real estate metrics to provide you with valuable insights and aid in making informed decisions.
Let’s begin with the months supply of inventory, a metric often used to gauge the balance between supply and demand in the housing market. Currently, the months supply of inventory stands at 2.67. This figure indicates the number of months it would take to sell all the available homes on the market if no new listings were added. A lower value suggests a seller’s market, with high demand and limited supply.
Now, let’s examine the 12-month change in months of inventory, which shows the percentage change in the supply of homes over the past year. In this case, we observe a significant decrease of -26.45%. This decline can be attributed to either a decrease in the number of homes for sale or an increase in demand. Such a sharp decrease indicates a tightening market, where buyers may face more competition for available properties.
Moving on, we consider the median days homes are on the market, a crucial metric that measures the average number of days it takes for a property to sell. Currently, the median stands at just 16 days. This figure suggests a robust demand for homes, with properties swiftly being snatched off the market. Buyers should be prepared to act quickly, while sellers can expect their homes to sell at a relatively rapid pace.
Next, we have the list to sold price percentage, which reflects the percentage of the listing price that sellers actually receive when their property is sold. At 98.4%, this metric indicates that sellers are achieving a high percentage of their original asking price. Buyers should be aware that negotiating room may be limited in this market, and they may need to be prepared to meet the seller’s expectations.
Finally, let’s discuss the median sold price, the midpoint of all the home prices sold in a given period. Currently, the median sold price stands at $550,000. This figure provides a benchmark for buyers and sellers to understand the general price range in the market. Sellers can use this information to set realistic asking prices, while buyers can assess whether their budget aligns with the current market conditions.
In summary, the correlation between these real estate metrics paints a picture of a competitive and fast-paced market. With a low months supply of inventory, a significant decrease in supply over the past year, homes selling in just 16 days, a high list to sold price percentage, and a median sold price of $550,000, buyers and sellers alike should be prepared for a dynamic and potentially challenging environment.
Thank you for joining us today, and we hope this analysis has provided you with valuable insights to navigate the real estate market successfully.
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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