Hello friends, today we are going to dive into the fascinating world of real estate metrics and explore the correlation between some key factors that are of utmost importance to both buyers and sellers. So whether you are looking to buy or sell a property, this analysis will provide you with valuable insights.
Let’s begin with the months supply of inventory, which currently stands at 5.11. This metric represents the number of months it would take to sell all the homes on the market, given the current sales pace. A lower number signifies a tighter market, indicating that demand is high and supply is limited. In our case, 5.11 months suggests a relatively balanced market, where neither buyers nor sellers have a significant advantage.
Now, let’s shift our attention to the 12-month change in months of inventory, which shows a remarkable increase of 49.42%. This surge indicates a shift in the market dynamics, as supply has outpaced demand over the past year. For buyers, this means more options and potentially more negotiating power. Sellers, on the other hand, may need to adjust their expectations and pricing strategies to remain competitive.
Moving on, we come across the median days homes are on the market, which currently stands at 39 days. This metric provides an insight into the pace at which properties are selling. With a median of 39 days, homes are moving relatively quickly, suggesting a healthy level of demand. This should give sellers confidence in the market’s ability to absorb their properties in a reasonable timeframe.
Let’s now explore the list to sold price percentage, which is an essential metric for both buyers and sellers. At 98.3%, this figure represents the percentage of the listing price that homes are typically sold for. A higher percentage indicates that sellers are able to secure offers close to their asking price, which is a positive sign for sellers. For buyers, it means they may need to be prepared to make competitive offers to secure their desired property.
Finally, we come to the median sold price, which currently stands at $605,000. This metric reflects the midpoint of all the sold prices in the market. It is a useful indicator for both buyers and sellers to gauge the overall price trend. In our case, a median sold price of $605,000 suggests a relatively healthy market, where prices are stable and in line with market expectations.
In conclusion, when we consider the correlation between these real estate metrics, we find a market that is relatively balanced in terms of supply and demand. While there has been an increase in the months supply of inventory over the past year, indicating more options for buyers, homes are still selling relatively quickly, and sellers are achieving a high percentage of their asking prices.
Both buyers and sellers should approach the market with a sense of confidence, knowing that there are opportunities available, and with the right strategies and expectations, they can achieve their goals.
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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