Hi Friends, today we are going to discuss some key real estate metrics that will provide valuable insights for both buyers and sellers in the current market. By analyzing the data at hand, we can better understand the correlation between these metrics and how they impact the overall real estate landscape.
Let’s start by examining the “Months Supply of Inventory,” which currently stands at 3.53. This metric represents the number of months it would take to sell all the available homes on the market, given the current sales pace. With a relatively low figure like 3.53, we can infer that the market is experiencing a shortage of inventory. This scarcity of available homes can result in increased competition among buyers, driving up prices.
Now, let’s delve into the “12-Month Change in Months of Inventory,” which shows a decrease of 5.87%. This negative change indicates a declining trend in the supply of homes on the market over the past year. Such a decrease can be attributed to factors like increased buyer demand, limited new construction, or a combination of both. For sellers, this suggests that the market conditions have become more favorable, as the reduced inventory could potentially lead to higher selling prices.
Moving on, we have the “Median Days Homes are On the Market,” currently standing at 54. This metric provides valuable insights into the average amount of time it takes for a home to sell. A lower number, like 54, indicates a relatively fast-paced market. For sellers, this means that their homes are likely to attract buyers quickly, leading to a potentially smoother and faster transaction process. Buyers, on the other hand, should be prepared to act swiftly in order to secure their desired property.
Next, we have the “List to Sold Price Percentage,” which stands at an impressive 97.7%. This metric represents the percentage at which the final selling price aligns with the initial listing price. With a high percentage, it is evident that sellers are achieving close to their desired asking price. This implies that the market is strong and that buyers are willing to pay a premium for desirable properties.
Lastly, let’s discuss the “Median Sold Price,” which currently stands at $472,500. This figure represents the middle point of all the sold prices in the market. By considering this median value, both buyers and sellers can gauge the overall price range in the current market. Sellers should be encouraged by this healthy median sold price, as it suggests that homes are selling at a desirable price point.
In summary, these real estate metrics provide valuable insights into the current market conditions. A low Months Supply of Inventory, a decreasing trend in inventory over the past year, a relatively short time on the market for homes, a high List to Sold Price Percentage, and a healthy median sold price all indicate a strong and favorable market for sellers. For buyers, this data suggests that they may need to act swiftly and be prepared for potential competition. By understanding these metrics, both buyers and sellers can make informed decisions in the ever-changing 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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