Hello friends, today, we will be discussing some crucial real estate metrics that can provide valuable insights into the current market conditions. These metrics will help you understand the supply and demand dynamics, pricing trends, and the overall health of the real estate market.
Let’s start with the Months Supply of Inventory, which currently stands at 2.16. This metric represents the number of months it would take to sell all the available homes in the market, given the current sales pace. A lower number indicates a seller’s market, where demand outweighs supply, potentially leading to higher prices.
Now, let’s look at the 12-Month Change in Months of Inventory, which shows an increase of 23.43%. This suggests that there has been a significant rise in the number of available homes compared to the previous year. This change could indicate a shift towards a buyer’s market, where there may be more options for buyers to choose from, potentially leading to more negotiation power.
Moving on, the Median Days Homes are On the Market is just 7. This metric represents the average number of days it takes for a home to sell once it is listed. With such a short timeframe, it indicates a fast-paced market where homes are in high demand. Buyers need to act quickly to secure their desired properties.
The List to Sold Price Percentage is 97.3%. This metric reveals the percentage at which homes are selling in relation to their listing prices. A higher percentage suggests that homes are selling close to their listing prices, indicating that sellers have strong pricing power in the current market.
Lastly, let’s discuss the Median Sold Price, which stands at $549,900. This metric represents the midpoint of all the sold prices in a given period. It provides a snapshot of the current pricing trends in the market. It is important to note that this figure can vary based on location, property type, and other factors.
In conclusion, these real estate metrics provide valuable information for both buyers and sellers. Buyers should be prepared for a competitive market with limited inventory and the need to make quick decisions. Sellers, on the other hand, can take advantage of the strong pricing power and potentially sell their homes close to the listing price.
Remember, it is always important to consult with a real estate professional who can provide personalized advice based on your specific situation. We hope this analysis has been informative and helps you make well-informed decisions in the real estate market.
Thank you for your time, and we wish you the best of luck in your real estate endeavors!
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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