Hi Friends, today we will be analyzing some key real estate metrics that are of particular interest to both buyers and sellers. By examining these metrics, we can gain valuable insights into the current state of the real estate market and help you make informed decisions.
Let’s start by looking at the “Months Supply of Inventory,” which currently stands at 3.66. This metric represents the number of months it would take to sell all the available homes on the market, given the current rate of sales. A lower number indicates a seller’s market, where demand exceeds supply, leading to potentially higher prices. In this case, a 3.66-month supply suggests a relatively balanced market, where both buyers and sellers have reasonable opportunities.
Now, let’s consider the “12-Month Change in Months of Inventory,” which shows a positive growth rate of 15.82%. This indicates an increase in the number of months it would take to sell all available homes compared to the previous year. While this might suggest a slight shift towards a buyer’s market, it’s important to note that the overall supply is still relatively low. Thus, sellers can still expect healthy demand for their properties.
Moving on, we have the “Median Days Homes are On the Market,” which stands at 57. This metric provides insight into the average time it takes for a home to sell. A lower number indicates a faster-paced market, where properties sell quickly. In this case, a median of 57 days suggests a reasonably active market, where buyers should be prepared to act swiftly to secure their desired property.
Next, we have the “List to Sold Price Percentage,” which is currently at 97.2%. This metric represents the average percentage of the listing price that homes are ultimately sold for. A higher percentage indicates that buyers are willing to pay closer to the asking price, whereas a lower percentage suggests more negotiation and potentially lower sale prices. With a list to sold price percentage of 97.2%, we can see that sellers are generally receiving close to their asking prices, indicating a strong market.
Finally, let’s consider the “Median Sold Price,” which currently stands at $476,090. This metric represents the middle point of all the sold prices in a given period. It provides a snapshot of the overall price range in the market. With a median sold price of $476,090, both buyers and sellers can gauge the general price range they can expect to encounter in the current market.
In conclusion, these real estate metrics indicate a relatively balanced market with healthy demand and reasonable supply. Sellers can expect strong interest in their properties, with buyers willing to pay close to the asking price. The market is reasonably active, with properties selling within an average of 57 days. However, buyers should be prepared to act swiftly in order to secure their desired property. With a median sold price of $476,090, buyers and sellers can have a better understanding of the price range they can expect in the current market.
Thank you for joining us today, and we hope this analysis has provided you with valuable insights into the current 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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