Hello friends, today we have gathered here to analyze and understand the correlation between several key real estate metrics that are of utmost importance to both buyers and sellers. By examining these metrics, we can gain valuable insights into the current state of the market and make informed decisions.
Let us begin with the Months Supply of Inventory, which stands at 4.58. This metric represents the number of months it would take to sell all current listings on the market if no new properties were added. A lower value indicates a seller’s market, where demand outweighs supply, leading to potentially higher prices.
Now, let’s delve into the 12-Month Change in Months of Inventory, which shows a significant increase of +58.48%. This surge suggests that more properties have been added to the market within the past year. The higher inventory levels could indicate a shift towards a buyer’s market, where buyers have more options and negotiating power.
Moving on, we have the Median Days Homes are On the Market, which stands at 36. This metric measures the average number of days it takes for a property to sell once it is listed. A lower value suggests a faster-paced market, where properties are in high demand and tend to sell quickly. Sellers can take advantage of this by pricing their homes competitively and attracting potential buyers.
Next, we have the List to Sold Price Percentage, which is at an impressive 96.3%. This metric represents the ratio of the final sale price to the original listing price. With a high percentage like this, sellers can be confident that their properties are selling close to or at their asking price. This indicates a strong market where buyers are willing to pay a premium for desirable properties.
Lastly, let’s discuss the Median Sold Price, which stands at $334,990. This metric represents the middle point of all the sold prices in a given area. It provides an insight into the overall price range of properties being sold. Sellers can use this information to set their asking prices, while buyers can gauge the affordability of properties within their desired market.
In conclusion, these real estate metrics provide valuable information for both buyers and sellers. The Months Supply of Inventory and the 12-Month Change in Months of Inventory indicate the current state of supply and demand in the market. The Median Days Homes are On the Market tells us about the speed at which properties are selling. The List to Sold Price Percentage shows the strength of the market and the likelihood of sellers receiving their desired price. Finally, the Median Sold Price gives us a snapshot of the price range in the market. Armed with this knowledge, buyers and sellers can make informed decisions and navigate the real estate market with confidence.
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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