Hi Friends. Today, we will be discussing some key real estate metrics that can provide valuable insights into the current market conditions. These metrics include the Months Supply of Inventory, the 12-Month Change in Months of Inventory, the Median Days Homes are On the Market, the List to Sold Price Percentage, and the Median Sold Price.
Let’s start with the Months Supply of Inventory, which currently stands at 2.17. This metric represents the number of months it would take for all the current listings 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.
Speaking of supply, the 12-Month Change in Months of Inventory reveals a significant decrease of -16.22%. This decline suggests a tightening in the market, with fewer homes available for sale compared to the previous year. As a result, buyers may face increased competition, potentially driving up prices.
Now, let’s shift our focus to the Median Days Homes are On the Market, which is currently 30. This metric indicates the average number of days it takes for a home to sell once it is listed. A lower number suggests a faster-moving market with high buyer demand and competitive bidding situations.
Moving on to the List to Sold Price Percentage, we see that it stands at 97%. This figure represents the percentage of the original listing price that sellers are able to achieve when their homes are sold. A higher percentage indicates that sellers are retaining a larger portion of their asking price, which can be an encouraging sign for potential sellers.
Lastly, we have the Median Sold Price, which currently sits at $425,000. This metric represents the middle point of all the sold prices over a specific time period. It provides a snapshot of the market’s overall pricing trends. Comparing this figure to previous years can indicate whether the market is appreciating or depreciating.
Taken together, these real estate metrics reveal a market where supply is relatively low, with homes selling quickly and at a high percentage of the listing price. This suggests a robust seller’s market, where competition among buyers is fierce. For sellers, this can be an opportune time to list their homes, potentially fetching a higher price. However, buyers should be prepared to act swiftly and make competitive offers.
As always, it is important to consult with a trusted real estate professional who can provide expert guidance tailored to your specific needs. Thank you for joining us today, and we hope this analysis has been informative and helpful in navigating the real estate market.
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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