Hi Friends, today I am here to discuss some key real estate metrics that are of utmost importance to both buyers and sellers. By analyzing the data at hand, we can gain valuable insights into the current state of the market and make informed decisions.
Let’s start with the months supply of inventory, which currently stands at 1.33. This metric represents the number of months it would take to sell all the existing homes on the market if no new listings were added. A lower value indicates a seller’s market, where demand exceeds supply. With a months supply of inventory at 1.33, we can confidently say that the market is quite competitive, favoring sellers.
Now, let’s delve into the 12-month change in months of inventory, which shows an increase of 1.53%. This percentage reflects the change in the supply of homes over the past year. The positive value implies that the inventory has grown, albeit slightly. This may suggest a slight shift towards a more balanced market, providing buyers with more options to choose from.
Moving on to the median days homes are on the market, we find that it is only 15 days. This tells us that homes are selling relatively quickly, indicating strong demand. With homes spending such a short time on the market, sellers can anticipate a swift sale if their property is priced competitively and well-presented.
Next up is the list to sold price percentage, which currently stands at an impressive 99.5%. This metric reveals the percentage of the listing price at which homes are typically sold. A higher percentage indicates that sellers are receiving offers close to their asking price. This data suggests that buyers are willing to pay a significant portion of the listing price, which is great news for sellers.
Finally, let’s discuss the median sold price, which amounts to $345,000. This figure represents the midpoint of all the sold prices in a given area. It provides an overview of the market’s price range and can serve as a reference point for both buyers and sellers. With a median sold price of $345,000, we can conclude that the market is relatively stable, with homes selling at a reasonable price point.
In conclusion, the correlation between these real estate metrics paints a picture of a competitive market with strong demand, limited inventory, and homes selling quickly. Sellers can benefit from the high list to sold price percentage and the relatively high median sold price, while buyers may find a slightly more balanced market with a growing inventory. It is crucial for both parties to consider these metrics when making real estate decisions.
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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