In the world of real estate, there are several metrics that can provide valuable insights to both buyers and sellers. Today, we will explore the correlation between four important metrics: Months Supply of Inventory, 12-Month Change in Months of Inventory, Median Days Homes are On the Market, and List to Sold Price Percentage. By examining these metrics alongside the Median Sold Price, we can gain a comprehensive understanding of the current market trends and make informed decisions.
Let’s start with the Months Supply of Inventory, which currently stands at 3.5. This metric measures the number of months it would take to sell all the available homes on the market, given the current sales pace. A low supply of inventory, such as 3.5 months, typically indicates a seller’s market, where demand outpaces supply. Buyers may face increased competition and potentially higher prices as a result.
Next, let’s analyze the 12-Month Change in Months of Inventory, which shows a positive trend of +14.38%. This indicates an increase in the supply of homes on the market compared to the previous year. While this might suggest a shift towards a more balanced market, it is important to consider other factors before drawing conclusions. Buyers may find more options to choose from and potentially less competition, while sellers might need to strategize their pricing and marketing strategies to stand out in a more saturated market.
Moving on to the Median Days Homes are On the Market, we find that homes are typically sold within 34 days. This metric provides insight into the speed at which properties are being sold. A lower median number of days on the market often indicates a strong demand for properties, which can benefit sellers. Buyers, on the other hand, may face a sense of urgency to make quick decisions and act promptly in a fast-paced market environment.
Now, let’s consider the List to Sold Price Percentage, which stands at 98.1%. This metric measures the percentage of the original list price that a home ultimately sells for. A high list to sold price percentage suggests a strong seller’s market, where homes are selling close to or even above their initial asking prices. Sellers can take advantage of this by pricing their homes competitively and potentially receiving higher offers. Buyers, however, may need to be prepared for potential bidding wars and the need to negotiate effectively.
Finally, we have the Median Sold Price, which currently sits at $324,990. This metric represents the middle point of all the sold prices in a given period. By examining the median sold price, both buyers and sellers can gain an understanding of the general price range in the market. Sellers can use this information to set their asking prices, while buyers can evaluate whether properties are within their budget.
In conclusion, these real estate metrics provide valuable insights into the current market conditions for both buyers and sellers. By understanding the correlation between these metrics and the Median Sold Price, individuals can make informed decisions and navigate the real estate market more effectively. Whether you are a buyer or a seller, it is crucial to stay updated on these metrics as they fluctuate over time.
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.
Download our FREEBIES here!
The Ultimate Home Buyer’s Guide
The Ultimate Home Seller’s Guide
Find us on YouTube!
#jenniferyoingcorealtor #jenniferyoingco #JenniferYoingcoTexas #houstonsuburb #houstonsuburbs #houstonsuburbgroup #texasrelocationexperts #HoustonRelocationExpert #HoustonRelocationSpecialist #NurseRelocationExpert #NurseRelocationSpecialist #newhomeconstruction #thehighlands #ravennahomes #ravennahomesforsale #ravennahomesrealtor #ravennahomesrealestateagent #springtexas #tomballtexas #livinginhoustontexas #livinginhouston #thewoodlandstexas #conroetexas #montgomerytexas #cypresstexas #newcaneytexas #portertexas #katytexas #pearlandtexas #richmondtexas #fulsheartexas #sugarlandtexas #houstontexas #magnoliatexas #hockleytexas #pinehursttexas #jerseyvillagetexas #humbletexas
