Hi Friends, today we delve into the fascinating world of real estate metrics. For those of you who are buyers and sellers, understanding these metrics can be invaluable when it comes to making informed decisions in the market. So, let’s dive right in!
First, let’s talk about the “Months Supply of Inventory.” This metric tells us how many months it would take to sell all the current inventory of homes on the market, assuming no new listings were added. Our data reveals that currently, the months supply of inventory stands at 2.22. This means that, on average, it would take a little over 2 months to sell all the homes if no new listings were added.
Now, let’s delve into the “12-Month Change in Months of Inventory.” This metric compares the current months supply of inventory to the number from the same time last year. In our case, we see a significant increase of 73.44%. This suggests that there are more homes available on the market compared to a year ago, which could potentially favor buyers as they have more options to choose from.
Moving on, we come to the “Median Days Homes are On the Market.” This metric represents the average number of days it takes for a home to sell from the time it is listed. Our data shows that homes, on average, are on the market for 70 days. This figure gives us insight into the pace of the market and indicates the level of demand for homes. A lower number suggests a faster-moving market, while a higher number may indicate a slower-paced market.
Next, we have the “List to Sold Price Percentage.” This metric reveals the percentage of the listing price that homes are ultimately sold for. Our data indicates that homes, on average, sell for 97% of their listing price. This percentage can be a helpful tool for both buyers and sellers. For sellers, it indicates how close they can expect to get to their asking price, while for buyers, it provides insight into potential negotiation opportunities.
Lastly, let’s look at the “Median Sold Price.” This metric represents the middle point of all the sold prices of homes in a given area. Our data shows that the median sold price is $369,700. This figure gives us an idea of the overall price range in the market, helping both buyers and sellers gauge what they can expect in terms of pricing.
In summary, the correlation between these real estate metrics can provide valuable insights for both buyers and sellers. The months supply of inventory and the 12-month change in months of inventory suggest a market with increased availability of homes. The median days homes are on the market and the list to sold price percentage indicate the pace of the market and potential negotiation opportunities. Finally, the median sold price gives us an idea of the price range in the market. Armed with this knowledge, buyers and sellers can make more informed decisions in the ever-evolving real estate landscape.
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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