As buyers and sellers in the real estate market, you may be interested in understanding the correlation between key real estate metrics. Today, we will delve into these metrics to provide you with valuable insights.
Firstly, let’s discuss the “Months Supply of Inventory.” This metric measures the number of months it would take to sell all the homes currently on the market, given the current sales pace. In our case, the months supply of inventory is 2.24. This indicates that, based on the current rate of sales, it would take just over two months to clear the existing inventory.
Now, let’s move on to the “12-Month Change in Months of Inventory.” This metric highlights the percentage change in the months of inventory over the past year. In our analysis, we observe a positive change of 16.06%. This suggests that the market has experienced an increase in inventory over the past year, potentially providing more options for buyers.
Next, we have the “Median Days Homes are On the Market.” This metric represents the average number of days it takes for a home to sell after being listed. In our scenario, the median days homes are on the market is an impressive 14 days. This indicates a highly active and competitive market, where properties are being snatched up relatively quickly.
Moving on to the “List to Sold Price Percentage.” This metric measures the percentage of the listing price that homes eventually sell for. In our analysis, we find this percentage to be an outstanding 99%. This suggests that sellers are achieving almost their entire asking price, which is a positive sign for those looking to sell their homes.
Lastly, let’s discuss the “Median Sold Price.” This metric represents the middle point of all the home sale prices in a given area. In our case, the median sold price is $435,000. This indicates the typical price at which homes are being sold, providing a benchmark for both buyers and sellers.
When we analyze these metrics collectively, we can draw a few conclusions. The low months supply of inventory and the relatively short median days on the market indicate a strong demand for homes. The increase in the months of inventory suggests that more options are becoming available for buyers, potentially leading to a more balanced market in the future.
Furthermore, the high list to sold price percentage and the median sold price of $435,000 highlight a competitive market where sellers are achieving their desired prices. Buyers should be prepared to make competitive offers in order to secure their desired properties.
In conclusion, this data provides valuable insights for both buyers and sellers in the real estate market. It suggests a strong demand for homes, a potential increase in inventory, and a competitive landscape for both parties. As always, it is essential to consult with a professional real estate agent to navigate these metrics and make informed decisions in your real estate transactions.
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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