Hi Friends, today we have gathered here to explore and analyze some key real estate metrics that will undoubtedly pique the interest of both buyers and sellers. Let us delve into the fascinating world of real estate and uncover the correlation between these metrics.
Firstly, we have the “Months Supply of Inventory,” which currently stands at 1.36 months. This metric indicates the number of months it would take to sell all existing homes on the market if no new listings were added. A lower value signifies a seller’s market, where demand outpaces supply, leading to potentially higher prices and quicker sales.
Now, let’s move on to the “12-Month Change in Months of Inventory” which shows a positive growth of 12.4%. This suggests that the supply of homes on the market has increased over the past year. However, it is important to note that this growth rate is still relatively moderate, indicating a balanced market rather than an oversupply of homes.
Next, we have the “Median Days Homes are On the Market,” which currently stands at a mere 27 days. This metric measures the average number of days it takes for a home to be sold. A lower value signifies a faster-paced market, where homes are snatched up swiftly, indicating high demand and potential competition among buyers.
Moving on, we come to the “List to Sold Price Percentage,” which stands at an impressive 97.7%. This metric showcases the average percentage at which homes are sold relative to their listing price. A higher percentage signifies that homes are selling close to or even above their listed price, indicating a strong market where sellers have the upper hand.
Lastly, we have the “Median Sold Price,” which currently stands at $297,400. This metric represents the middle point of all home sale prices, with an equal number of homes sold above and below this price. It provides a valuable insight into the prevailing price range in the market, enabling both buyers and sellers to make informed decisions.
Now, let’s tie all these metrics together and uncover their correlation. The low “Months Supply of Inventory” combined with the increasing “12-Month Change in Months of Inventory” suggests that demand for homes is still strong, but the market is becoming more balanced over time. This is further reinforced by the relatively short “Median Days Homes are On the Market,” indicating that homes are selling quickly.
Moreover, the high “List to Sold Price Percentage” suggests that sellers are able to command prices close to their listing price, indicating a favorable market for sellers. This is further supported by the “Median Sold Price” of $297,400, which reflects the prevailing price range in the market.
In summary, the correlation between these real estate metrics indicates a market that is still favorable for both buyers and sellers. While there is a healthy supply of homes, demand remains strong, leading to brisk sales and prices that are close to the listing price. Buyers can expect a competitive market, and sellers can take advantage of the current conditions to secure favorable prices for their properties.
Thank you for joining us on this insightful journey through the world of real estate metrics. We hope you found this analysis engaging and informative, and we look forward to assisting you with your real estate needs.
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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