Hello friends, today we are going to explore the correlation between several key real estate metrics that are of utmost importance to both buyers and sellers. By analyzing this data, we hope to provide you with valuable insights that will help you make informed decisions in the current housing market.
Let’s begin by examining the months supply of inventory, which currently stands at 1.88. This metric measures the number of months it would take to sell all the existing homes on the market, given the current sales pace. A lower value indicates a seller’s market, where demand exceeds supply, leading to potentially higher prices. Conversely, a higher value suggests a buyer’s market, where supply exceeds demand, potentially leading to lower prices.
Now, let’s consider the 12-month change in months of inventory, which shows an increase of 7.43%. This indicates a slight shift towards a buyer’s market over the past year. While the supply of homes on the market is still relatively low, it has seen a modest increase, giving buyers more options to choose from.
Next, we have the median days homes are on the market, which is only 11 days. This metric reveals the average number of days it takes for a property to sell. A lower value suggests a competitive market with high demand, where homes sell quickly. In this case, the low median days on the market indicate a strong seller’s market, where properties are being snatched up swiftly.
Moving on, we have the list to sold price percentage, which currently stands at 97.3%. This metric represents the ratio between the final sale price of a property and its original listing price. A higher percentage indicates that homes are selling closer to their asking prices, which implies strong buyer interest and a competitive market.
Lastly, we have the median sold price, which is currently set at $422,500. This figure represents the middle point of all the sold properties in the market. It is crucial for both buyers and sellers to be aware of this metric as it provides an understanding of the overall price range in the market. In this case, the median sold price suggests a relatively high-value market.
From the analysis of these real estate metrics, we can see a correlation between the low months supply of inventory, the short median days on the market, and the high list to sold price percentage. These indicators collectively point towards a strong seller’s market, where demand exceeds supply, leading to potentially higher prices and quick property turnover.
However, it is worth noting the 12-month change in months of inventory, which shows a slight increase, indicating a gradual shift towards a buyer’s market. While buyers currently face limited inventory, this trend suggests a potential increase in options and a more balanced market in the future.
In conclusion, these real estate metrics provide valuable insights for both buyers and sellers in the current market. Understanding the supply and demand dynamics, as well as the pricing trends, can help inform your decision-making process. Whether you are looking to buy or sell, it is essential to consider these metrics in order to navigate the market effectively.
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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