Hi Friends, today we are going to delve into the fascinating world of real estate metrics. Whether you are a buyer or a seller, understanding these metrics can be crucial in making informed decisions. So, let’s get started!
First, let’s talk about the months supply of inventory. Currently, the market is showing a healthy level of inventory with a months supply of 3.14. This means that, based on the current rate of sales, it would take approximately 3.14 months to sell all the available homes. For buyers, this suggests that there is a decent number of options to choose from, providing more opportunities to find their dream home. Sellers, on the other hand, may benefit from the relatively low supply as it could potentially lead to increased demand and competition for their property.
Next, let’s examine the 12-month change in months of inventory, which stands at -7.1%. This indicates a decrease in the number of available homes over the past year. For buyers, this means that the market may be becoming more competitive, potentially leading to higher prices. Sellers, on the other hand, may find themselves in a favorable position as the decreasing supply could drive up demand for their properties.
Moving on, we have the median days homes are on the market, which currently stands at 54. This metric provides valuable insights into the speed at which homes are being sold. For buyers, a lower median days on the market suggests a more dynamic and fast-paced market, where properties may be snatched up quickly. For sellers, this means that pricing and marketing strategies should be carefully considered to attract potential buyers in a timely manner.
Now, let’s talk about the list to sold price percentage, which currently stands at 97.5%. This metric represents the percentage at which homes are selling compared to their listing price. For buyers, this suggests that there may be room for negotiation, as properties are selling slightly below their initial listing price on average. For sellers, it highlights the importance of pricing their homes realistically to ensure a smooth and successful transaction.
Lastly, we have the median sold price, which currently stands at $360,000. This metric provides a snapshot of the midpoint of all sold prices in the market. For buyers, this can serve as a benchmark for determining the affordability of homes in a given area. Sellers, on the other hand, should consider this median sold price when setting their own listing price to attract potential buyers.
In conclusion, these real estate metrics provide valuable insights for both buyers and sellers. Understanding the months supply of inventory, the 12-month change in months of inventory, median days homes are on the market, list to sold price percentage, and median sold price can help inform your decisions in the ever-changing real estate market. So, whether you are looking to buy or sell, remember to consider these metrics as you navigate through the exciting world of real estate.
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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