In the dynamic world of real estate, various metrics can provide valuable insights into market conditions and trends. Today, we will delve into four key metrics: Months Supply of Inventory, 12-Month Change in Months of Inventory, Median Days Homes are On the Market, List to Sold Price Percentage, and Median Sold Price. By understanding the correlation between these metrics, both buyers and sellers can make more informed decisions.
Let’s start by examining the Months Supply of Inventory, which currently stands at 3.51. This metric represents the number of months it would take to sell all the available homes on the market if no new listings were added. A lower number indicates a seller’s market, where demand exceeds supply, while a higher number suggests a buyer’s market. In this case, with a months supply of 3.51, the market leans towards the seller’s side but still offers some opportunities for buyers.
Now, let’s consider the 12-Month Change in Months of Inventory, which shows a positive trend of +4.78%. This metric reveals the percentage change in the availability of homes for sale over the past year. A positive change indicates an increase in inventory, potentially signaling a shift towards a buyer’s market. So, while the current months supply of inventory favors sellers, this upward trend suggests that buyers may have more options in the future.
Moving on to the Median Days Homes are On the Market, we see a figure of 35. This metric measures the average number of days it takes for a home to sell once it is listed. A lower number indicates a faster-paced market, typically favoring sellers, while a higher number suggests a slower market where buyers may have more time to make decisions. With homes spending an average of 35 days on the market, both buyers and sellers can anticipate a relatively balanced market with reasonable turnover.
Next, let’s examine the List to Sold Price Percentage, which stands at 98.3%. This metric represents the percentage of the listing price that sellers typically receive when their homes are sold. A higher percentage indicates that sellers are receiving close to their asking price, reflecting a strong market. In this case, the 98.3% figure suggests that sellers have been able to negotiate deals close to their initial listing price, providing a positive signal for sellers.
Lastly, we have the Median Sold Price, which currently stands at $314,945. This metric represents the middle value of all the sold home prices in the market. It provides a snapshot of the overall price range and can be used as a benchmark for both buyers and sellers. With a median sold price of $314,945, buyers can gain an understanding of the price range they can expect, while sellers can evaluate where their property stands in the market.
In summary, these real estate metrics reveal an interesting correlation. While the current months supply of inventory leans towards sellers, the positive trend in the 12-Month Change in Months of Inventory suggests potential opportunities for buyers in the future. The median days homes are on the market indicate a balanced market with reasonable turnover, while the list to sold price percentage reflects a strong market where sellers can negotiate deals close to their asking price. Lastly, the median sold price provides a benchmark for both buyers and sellers to understand the price range in the market. By considering these metrics, buyers and sellers can navigate the real estate landscape with greater confidence and knowledge.
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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