Hello friends, thank you for joining me today as we delve into the fascinating world of real estate metrics. Whether you are a buyer or a seller, understanding these metrics can provide valuable insights into the current state of the market. So, let’s jump right in and explore the correlation between the following real estate metrics.
Firstly, let’s examine the Months Supply of Inventory, which currently stands at 1.63. This metric measures the number of months it would take to sell all the available homes on the market at the current sales pace. A low supply of inventory, such as 1.63 months, indicates a strong seller’s market, where demand exceeds supply. This scarcity of available homes often leads to increased competition among buyers, potentially resulting in higher sale prices.
Now, let’s shift our attention to the 12-Month Change in Months of Inventory, which shows a significant decline of -39.85%. This indicates a sharp decrease in the number of months it would take to sell all the available homes compared to the previous year. Such a decline in inventory suggests a growing demand and a faster turnover rate in the market. Sellers can take advantage of this situation by potentially fetching higher prices for their properties due to the limited supply.
Next, we move on to the Median Days Homes are On the Market, which currently stands at 45. This metric represents the average number of days it takes for a home to sell after being listed. A lower number of days on the market suggests a faster pace of sales and a strong buyer demand. This can indicate a competitive market where buyers need to act swiftly to secure their desired properties.
Moving on, we have the List to Sold Price Percentage, which currently sits at 98.8%. This metric represents the percentage of the listed price that homes are actually selling for. A high percentage, such as 98.8%, indicates that homes are selling very close to their listed price. This suggests that sellers are able to command strong offers and buyers are willing to meet those demands. However, it is important to note that negotiations may still occur in certain cases, but overall, this high percentage signifies a balanced market.
Lastly, let’s discuss the Median Sold Price, which stands at an impressive $814,500. This metric represents the middle point of all the sold prices in the market. A higher median sold price indicates that homes are generally selling for higher amounts, reflecting the overall value of properties in the area. Sellers can take comfort in knowing that their properties have the potential to fetch substantial returns, while buyers may need to consider their budget and potentially be prepared for higher asking prices.
In conclusion, these real estate metrics paint a picture of a market with low inventory, high demand, and strong prices. Buyers can expect increased competition and may need to act quickly, while sellers can take advantage of favorable conditions to potentially achieve higher sale prices. It is crucial for both buyers and sellers to carefully analyze these metrics and work with a knowledgeable real estate professional to make informed decisions in this dynamic market.
Thank you for your attention, and I wish you all the best 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.
Download our FREEBIES here!
The Ultimate Home Buyer’s Guide
The Ultimate Home Seller’s Guide
Find us on YouTube!
#jenniferyoingcorealtor #jenniferyoingco #JenniferYoingcoTexas #houstonsuburb #houstonsuburbs #houstonsuburbgroup #texasrelocationexperts #HoustonRelocationExpert #HoustonRelocationSpecialist #NurseRelocationExpert #NurseRelocationSpecialist #newhomeconstruction #thehighlands #ravennahomes #ravennahomesforsale #ravennahomesrealtor #ravennahomesrealestateagent #springtexas #tomballtexas #livinginhoustontexas #livinginhouston #thewoodlandstexas #conroetexas #montgomerytexas #cypresstexas #newcaneytexas #portertexas #katytexas #pearlandtexas #richmondtexas #fulsheartexas #sugarlandtexas #houstontexas #magnoliatexas #hockleytexas #pinehursttexas #jerseyvillagetexas #humbletexas
