Hi Friends, today I would like to discuss a few crucial real estate metrics that are of particular interest to both buyers and sellers in the market. By understanding these metrics, you can make informed decisions when it comes to buying or selling a property.
Firstly, let’s look at the “Months Supply of Inventory,” which currently stands at 2.79. This metric indicates the number of months it would take to sell all the homes on the market, given the current sales pace. A lower number suggests a seller’s market, where demand exceeds supply, leading to potentially higher prices and quicker sales.
Now, let’s analyze the “12-Month Change in Months of Inventory,” which shows a decline of 25.2%. This decrease suggests that the market has become more competitive and that inventory levels have tightened over the past year. Sellers may find themselves in a favorable position as demand continues to outpace the number of available properties.
Moving on, we have the “Median Days Homes are On the Market,” which currently stands at 43 days. This metric gives us an insight into the average amount of time it takes for a property to sell. A lower number typically indicates a strong market, where properties are in high demand and sell quickly. For buyers, this means being prepared to act swiftly when a desirable property becomes available.
Next, we have the “List to Sold Price Percentage,” which currently sits at 97.4%. This metric reveals the percentage of the original list price that sellers are able to achieve when their property sells. It indicates the level of negotiation that takes place between buyers and sellers. A higher percentage suggests that sellers are receiving offers close to their asking price, potentially indicating a seller’s market.
Lastly, let’s discuss the “Median Sold Price,” which currently stands at $473,000. This metric represents the middle point of all the prices at which homes have sold in a given period. By looking at the median sold price, both buyers and sellers can gauge the overall price range in the market. For sellers, this can help determine a competitive listing price, while buyers can assess if their budget aligns with the current market conditions.
In summary, these real estate metrics provide valuable insights for both buyers and sellers in the market. With a low months supply of inventory, a decrease in the 12-month change in months of inventory, a relatively short median days on the market, a high list to sold price percentage, and a median sold price of $473,000, it appears that we are currently experiencing a seller’s market. Sellers can take advantage of this by pricing their properties competitively, while buyers should be prepared to act quickly and potentially negotiate for the best possible deal.
Thank you for your attention, and I hope this analysis has helped you understand the current 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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