Hello friends, today we have gathered here to explore and understand the correlation between various real estate metrics that directly impact buyers and sellers in the market. By analyzing the data we have available, we will uncover valuable insights that will help you make informed decisions when it comes to buying or selling your property.
Let’s begin our analysis by looking at the Months Supply of Inventory, which currently stands at 3.24. This metric represents the number of months it would take to sell all the available homes on the market, assuming no new listings are added. A lower supply of inventory indicates a seller’s market, where demand exceeds supply, driving prices up and potentially resulting in bidding wars.
Now, let’s examine the 12-Month Change in Months of Inventory, which shows a decrease of 12.9%. This highlights a significant shift in the market dynamics, indicating a tightening of inventory. A negative change in months of inventory suggests that the market has become more favorable for sellers, as homes are being sold at a faster pace.
Moving on, we come across the Median Days Homes are On the Market, which currently stands at 31. This metric represents the average number of days it takes for a home to be sold. A lower median indicates a faster-moving market, where properties are being snatched up quickly. As a buyer, this means you may need to act swiftly to secure a property, while as a seller, this metric is a positive sign, indicating a higher likelihood of a prompt sale.
Next, we delve into the List to Sold Price Percentage, which is at an impressive 98%. This metric compares the final sale price of a property to its initial listing price, showcasing the negotiation power of sellers. A higher percentage suggests that sellers are achieving a higher percentage of their asking price, indicating a strong market and potentially limited room for negotiation for buyers.
Lastly, we have the Median Sold Price, which currently stands at $520,000. This metric represents the middle point of all the sold prices within a specific market. It provides an overview of the price range within which most sales are occurring. As a seller, this figure indicates the potential value of your property, while as a buyer, it provides insights into the price range you can expect to encounter.
In summary, the correlation between these real estate metrics showcases a market that heavily favors sellers. With a dwindling supply of inventory, decreasing number of months of inventory, and a high list to sold price percentage, sellers are experiencing a strong market where properties are selling quickly and at higher prices. As a buyer, it is important to remain proactive and prepared to act swiftly when a desirable property becomes available, as the market is competitive and properties are being sold faster.
We hope that this analysis has provided you with valuable insights into the current real estate market. Whether you are a buyer or a seller, we encourage you to use this information to make informed decisions that align with your goals and aspirations. Thank you for your attention, 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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