Hello friends, thank you for joining us today as we delve into the fascinating world of real estate metrics. Whether you are a buyer or seller, understanding these metrics can provide you with valuable insights into the current state of the market. So, let’s dive right in!
First up, we have the “Months Supply of Inventory,” which stands at 3.06. This metric represents the number of months it would take to sell all the currently listed homes on the market, given the current sales pace. A lower number indicates a seller’s market, where demand exceeds supply, leading to potentially higher prices and faster sales.
Now, let’s focus on the “12-Month Change in Months of Inventory,” which stands at an impressive +130.08%. This figure illustrates the percentage increase in the number of months it would take to sell all the listed homes compared to the same period last year. Such a significant increase suggests a shift towards a buyer’s market, where supply surpasses demand. This shift could potentially lead to more negotiation power for buyers and a slower pace of sales.
Moving on to the “Median Days Homes are On the Market,” we find a relatively low number of 34 days. This metric reveals the average number of days it takes for a home to sell once it is listed on the market. A lower number indicates a fast-paced market, where properties are in high demand and tend to sell quickly. Sellers can take advantage of this by pricing their homes competitively and being prepared for a potentially swift sale.
Our next metric, the “List to Sold Price Percentage,” stands at an impressive 98.6%. This percentage represents the ratio of the final sold price of a home to its original list price. A higher percentage indicates strong negotiation power for sellers and suggests that properties are selling close to or even above their initial asking price. This figure signifies a market where buyers are willing to pay a premium for desirable properties.
Last but certainly not least, we have the “Median Sold Price,” which currently stands at $285,000. This metric represents the middle value of all the sold prices in a given area or market. It provides a snapshot of the overall price range and can help both buyers and sellers understand the market’s affordability. Sellers can use this figure to set an appropriate asking price, while buyers can assess whether the market aligns with their budget.
In summary, these real estate metrics paint an intriguing picture of the current market conditions. With a months supply of inventory at 3.06, a significant increase in the 12-month change in months of inventory, a median days on the market of 34, a list to sold price percentage of 98.6%, and a median sold price of $285,000, we can conclude that we are currently experiencing a market in flux.
Buyers may find themselves in a more favorable position due to the increase in supply, slower sales pace, and potential negotiating power. On the other hand, sellers can take advantage of the shorter days on the market, high list to sold price percentage, and a median sold price that reflects a healthy market.
In conclusion, understanding these real estate metrics can help guide your decision-making process whether you are buying or selling. Stay informed, adapt to market conditions, and you will be well-equipped to navigate the exciting world of real estate.
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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