Hello friends, today I would like to discuss some key real estate metrics that are of utmost importance to both buyers and sellers in the market. These metrics provide valuable insights into the current state of the real estate market and can help you make informed decisions when it comes to buying or selling a property.
Let’s begin by looking at the months supply of inventory, which currently stands at 2.29. This metric represents the number of months it would take to sell all the current listings on the market if no new properties were added. A lower months supply of inventory indicates a seller’s market, where demand exceeds supply, leading to potentially higher prices and quicker sales.
Now, let’s dive into the 12-month change in months of inventory, which shows a decrease of 1.29%. This means that over the past year, the supply of available homes has decreased by 1.29%. This decline suggests a tightening market, with fewer properties available for sale. For sellers, this indicates a potential advantage as limited supply can drive up prices and increase competition among buyers.
Moving on to the median days homes are on the market, we find that properties are spending an average of 17 days before being sold. This metric is a reflection of the market’s pace and competitiveness. A lower number of days on the market implies high demand and a quick turnover of properties, which benefits sellers. For buyers, this means being prepared to act swiftly and make competitive offers.
Next, we consider the list to sold price percentage, which stands at an impressive 98.6%. This metric represents the ratio of the final sale price of a property to its original listing price. A higher percentage indicates that sellers are achieving close to their asking price, suggesting a strong market with motivated buyers. For sellers, this metric highlights the potential to obtain a favorable sale price, while buyers may need to be prepared to make competitive offers to secure a property.
Lastly, let’s discuss the median sold price, currently sitting at $341,000. This figure represents the middle point of all the home sale prices in the market. It gives us an idea of the typical price range for properties being sold. This information can be particularly useful for both buyers and sellers to gauge the overall affordability and value of properties in the market.
In conclusion, these real estate metrics provide valuable insights into the current state of the market. With a relatively low months supply of inventory, a declining trend in inventory, a quick turnover of properties, high list to sold price percentages, and a median sold price of $341,000, the market appears to be favorable for sellers. However, buyers should be prepared to act swiftly and make competitive offers to secure their desired property.
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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