Hello Friends, thank you for joining us 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 into it!
First off, we have the “Months Supply of Inventory,” which currently stands at 3.52. This metric measures how long it would take for all the current listings in the market to be sold, given the current sales pace. A lower number indicates a seller’s market, where demand exceeds supply, leading to potentially higher prices and faster sales.
Now, let’s look at the “12-Month Change in Months of Inventory,” which shows a significant decrease of -17.56%. This indicates that the supply of available homes for sale has decreased over the past year. This could be a result of increased demand or a decrease in new listings coming onto the market. Regardless, it suggests a tightening market where buyers may face more competition.
Moving on, we have the “Median Days Homes are On the Market,” which stands at an impressive 21 days. This metric represents the average number of days it takes for a home to sell after being listed. A lower number indicates a fast-paced market, where buyers need to act swiftly to secure a property. For sellers, this means that their homes are moving quickly, potentially fetching top dollar.
Next up, we have the “List to Sold Price Percentage,” which currently sits at 98.2%. This metric reveals the percentage of the original list price that homes are typically sold for. A higher percentage indicates that sellers are likely receiving offers close to their asking price. This could suggest that buyers are willing to pay a premium for desirable properties or that sellers have expertly priced their homes right from the start.
Lastly, we have the “Median Sold Price,” which stands at a solid $525,000. This metric represents the middle point of all the sold prices in a given area. It provides insight into the overall price range and can help both buyers and sellers understand the market’s affordability. For sellers, a higher median sold price indicates a potentially lucrative market, while buyers may need to adjust their budget accordingly.
In summary, these real estate metrics paint an intriguing picture of the current market conditions. With a relatively low months supply of inventory and a decrease in inventory over the past year, sellers can expect a competitive market. Homes are selling quickly, often close to the original asking price, and the median sold price reflects a robust market. For buyers, it means being prepared to act swiftly and potentially adjust budgets to secure a desirable property.
Thank you for joining us today, and we hope this analysis has provided you with valuable insights.
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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