Hi Friends, today we will be diving into the fascinating world of real estate metrics. As buyers and sellers, it is essential to understand the correlation between these metrics to make informed decisions in the market. So, let’s get started!
Firstly, we have the months supply of inventory, which currently stands at 3.43. This metric represents the number of months it would take to sell all the existing homes on the market if no new listings were added. A lower number indicates a seller’s market, where demand exceeds supply, leading to potentially higher prices.
Now, let’s look at the 12-month change in months of inventory, which shows a significant increase of 49.78%. This indicates a shift towards a buyer’s market, where there is an increase in supply compared to demand. Buyers can take advantage of this situation by having more options to choose from and potentially negotiating better deals.
Moving on, we have the median days homes are on the market, which currently stands at 37. This metric tells us the average number of days it takes for a home to sell once listed. A lower number signifies a faster-paced market, where properties are in high demand and tend to sell quickly. Sellers can benefit from this by potentially receiving multiple offers or even selling above the asking price.
Next, we have the list to sold price percentage, which stands at an impressive 98.6%. This metric represents the ratio of the final sold price to the initial list price. A higher percentage indicates that homes are generally selling very close to their original asking price. This is great news for sellers as it shows that buyers are willing to meet their price expectations.
Lastly, we come to the median sold price, which currently sits at a substantial $740,606. This figure represents the midpoint of all the sold prices in the market. As a seller, this indicates that homes in this area have a strong market value and potential for a profitable return on investment.
In conclusion, these real estate metrics paint an interesting picture for both buyers and sellers. With a 12-month change in months of inventory indicating a shift towards a buyer’s market, buyers can expect more options and potentially better negotiating power. On the other hand, sellers can take advantage of the lower median days homes are on the market and the high list to sold price percentage, indicating a favorable selling environment.
As always, it is crucial to consult with a real estate professional to fully understand how these metrics apply to your specific situation. With this knowledge in hand, buyers and sellers can confidently navigate the real estate market and make informed decisions.
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 with and understands the needs of her clients; therefore, you are in very good hands.
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