Hello friends, in today’s real estate market, it is crucial for both buyers and sellers to be aware of key metrics that can have a significant impact on their decision-making process. By understanding these metrics, you can navigate the ever-changing landscape with confidence and make informed choices. Let’s take a closer look at some of the important real estate metrics and the correlations between them.
Firstly, the Months Supply of Inventory stands at 1.93. This metric represents the number of months it would take to sell all the available homes on the market, given the current sales pace. A lower number indicates a seller’s market, where demand exceeds supply, leading to potential bidding wars and higher prices. Conversely, a higher number suggests a buyer’s market, where supply outpaces demand, giving buyers more negotiating power.
Next, we have the 12-Month Change in Months of Inventory, which shows an increase of 70.8%. This substantial change indicates a shift towards a buyer’s market, as the supply of homes has grown significantly over the past year. This could be due to various factors such as increased construction, decreased demand, or economic conditions. Buyers may find more options and potentially have more leverage in negotiations.
Another important metric is the Median Days Homes are On the Market, which currently stands at 12. This figure represents the average number of days it takes for a home to sell. A lower number suggests a fast-paced market, where desirable properties are snatched up quickly. Sellers can expect quicker sales, while buyers need to act swiftly to secure their desired property.
The List to Sold Price Percentage is another metric that both buyers and sellers should pay attention to, as it stands at an impressive 99.3%. This percentage represents how close the final sold price is to the initial listing price. A higher percentage indicates that homes are selling close to their listed prices, which is a positive sign for sellers. Buyers may need to be prepared to make competitive offers to secure a property.
Lastly, the Median Sold Price is currently at $395,000. This figure represents the middle point of all the sold prices in a given area and time period. It can be used as a benchmark for both buyers and sellers to gauge the overall market value of properties. Sellers can assess if their listing price is within a reasonable range, while buyers can use it to make informed decisions about their budget.
By analyzing these real estate metrics, buyers and sellers can gain valuable insights into the current market dynamics. It is important to note that these metrics are subject to change and can vary by location, so it is advisable to consult with a trusted real estate professional for a comprehensive understanding of the local market.
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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