Hi Friends. Today, we will be discussing some key real estate metrics that are of utmost importance to both buyers and sellers in the market. These metrics provide valuable insights into the current state of the real estate market and can help guide your decision-making process. So, let’s dive right in!
Firstly, let’s take a look at the “Months Supply of Inventory,” which stands at 1.5. This metric represents the number of months it would take to sell all the currently listed homes in the market. A lower number indicates a seller’s market, where demand outweighs supply. In this case, 1.5 months of supply suggests a relatively tight market, meaning there is a higher demand for homes compared to the number of available listings.
Now, let’s move on to the “12-Month Change in Months of Inventory,” which shows a decrease of 17.13%. This metric measures the percentage change in the number of months of inventory compared to the previous year. A negative change indicates a tightening of the market, as the supply of homes has decreased. This decrease suggests that the market is becoming even more competitive for buyers, as inventory levels have shrunk.
Next, we have the “Median Days Homes are On the Market,” which is 93. This metric represents the average number of days it takes for a home to sell once it is listed on the market. A lower number indicates a faster-moving market, where homes are selling relatively quickly. In this case, 93 days suggests that homes are selling at a reasonably swift pace, which can be beneficial for sellers looking to make a timely sale.
Moving on, we have the “List to Sold Price Percentage,” which stands at 96.8%. This metric reveals the average percentage of the listing price that homes are selling for. A higher percentage indicates that homes are selling closer to their listed price, which is favorable for sellers. In this case, a 96.8% list to sold price percentage suggests that sellers are, on average, receiving a significant portion of their asking price.
Lastly, we have the “Median Sold Price,” which currently stands at $570,000. This metric represents the middle point of all the sold prices within a given time frame. A higher median sold price indicates a stronger real estate market, as homes are selling for higher values. In this case, a median sold price of $570,000 suggests a robust market where buyers are willing to pay a premium for the properties they desire.
To summarize, the real estate metrics we have discussed today indicate a competitive market with a shortage of inventory. Properties are selling relatively quickly, often at prices close to the listing price. Sellers can take advantage of this situation to achieve favorable selling prices, while buyers should be prepared to act swiftly and potentially pay a premium for their desired homes.
Thank you for joining us today, and we hope you found this analysis informative and engaging.
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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