In the current real estate market, there are several key metrics that buyers and sellers should be aware of in order to make informed decisions. These metrics provide valuable insights into the state of the market and can help guide individuals in their buying or selling strategies.
First, let’s take a look at the months supply of inventory, which is currently at 1.97. This metric represents the number of months it would take to sell all the homes on the market at the current pace of sales. A lower number indicates a seller’s market, where there is high demand and limited supply. In this case, with a months supply of inventory of 1.97, it suggests that the market is leaning towards favoring sellers.
Next, we have the 12-month change in months of inventory, which is at -16.53%. This figure represents the percentage change in the months supply of inventory compared to the same period last year. A negative value indicates a decrease in inventory, suggesting that there are fewer homes available for sale. This can be an important factor for buyers to consider as it may lead to increased competition and potentially higher prices.
Moving on, the median days homes are on the market is 14. This metric measures the average number of days it takes for a home to sell once it is listed. A lower number suggests that homes are selling quickly, which is often indicative of a strong market with high buyer demand. For sellers, this can be encouraging news as it implies that their property may not linger on the market for an extended period of time.
The list to sold price percentage is currently at 98.2%. This metric represents the percentage of the original listing price that homes are selling for. A higher percentage indicates that homes are selling close to their asking price. In this case, with a list to sold price percentage of 98.2%, it suggests that sellers are achieving a high percentage of their desired price. For buyers, this may mean that there is less room for negotiation on the price of a property.
Lastly, let’s discuss the median sold price, which is currently at $1,435,000. This metric represents the midpoint of all the sold prices in the market. It gives buyers and sellers an idea of the price range in which most transactions are occurring. For sellers, a higher median sold price can signify a strong market, while buyers may need to consider their budget and affordability in relation to this figure.
Overall, these real estate metrics provide valuable insights into the current market conditions. Buyers and sellers alike can use this information to make informed decisions and navigate the real estate landscape with confidence.
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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