Hello friends, today we will be discussing some key real estate metrics that are of utmost importance to both buyers and sellers in the market. By analyzing these metrics, we can gain valuable insights into the current state of the real estate market and understand how it may impact your buying or selling decisions.
Let’s begin by examining the “Months Supply of Inventory,” which currently stands at 3.31. This metric measures the number of months it would take for all the current inventory of homes on 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 quicker sales.
Now, let’s delve into the “12-Month Change in Months of Inventory,” which shows a significant increase of 8.52%. This indicates that the supply of homes on the market has been growing at a faster pace compared to the previous year. This increase suggests that buyers may have more options to choose from, potentially leading to a more balanced market.
Moving on, we have the “Median Days Homes are On the Market,” which stands at 29. This metric indicates the average number of days it takes for a property to be sold. A lower number suggests a faster-paced market, where homes are selling relatively quickly. Sellers can take comfort in knowing that their properties are not sitting on the market for an extended period, while buyers should be prepared to act swiftly when they find a home they are interested in.
Next, we have the “List to Sold Price Percentage,” which currently stands at 98.1%. This metric represents the percentage of the original listing price that a property ultimately sells for. A higher percentage indicates that sellers are generally receiving close to their asking price. Buyers should be mindful of this as it may indicate a competitive market where they may need to make strong offers to secure a property.
Lastly, we have the “Median Sold Price,” which is currently at $340,000. This metric represents the midpoint of all the sold prices in a given period. Understanding the median sold price helps both buyers and sellers gauge the overall price range for properties in the market. Sellers can use this information to set an appropriate listing price, while buyers can ensure they are making realistic offers.
In summary, the current real estate market displays a relatively low supply of inventory, which indicates a potentially competitive environment. However, the increase in the 12-month change in months of inventory suggests that buyers may have more options available to them. Homes are selling relatively quickly, as indicated by the median days on the market. Sellers are typically receiving a high percentage of their asking price, which may signal a robust market. Finally, the median sold price provides both buyers and sellers with an understanding of the price range within the market.
We hope that by analyzing these real estate metrics, buyers and sellers will be better equipped to make informed decisions in the market. Remember, real estate is a dynamic industry, and staying informed is key to success.
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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