Hi Friends,
Today, we are going to explore the correlation between several key real estate metrics that are vital for both buyers and sellers in the market. These metrics provide valuable insights into the current state of the real estate industry, allowing individuals to make informed decisions about their buying or selling strategies.
Firstly, let’s discuss the months supply of inventory, which currently stands at 3.6 months. This figure represents the number of months it would take to sell all the available homes on the market if no new properties were listed. A lower supply of inventory generally indicates a seller’s market, where demand outweighs supply. In this case, with a relatively low supply, sellers may have an advantage as they can potentially command higher prices for their properties.
Next, let’s consider the 12-month change in months of inventory, which is showing a decrease of 5.26%. This decline suggests that the supply of homes on the market has been decreasing over the past year. This trend could be attributed to various factors, such as increased buyer demand or a decrease in new listings. For sellers, this decrease indicates a potentially favorable market condition as competition may be reduced, leading to higher prices and quicker sales.
Moving on, we have the median days homes are on the market, which currently stands at 47 days. This metric represents the average amount of time it takes for a home to sell from the moment it is listed. A lower number of days on the market typically indicates a robust and active market, with properties selling more quickly. For sellers, this means a shorter waiting period and a higher likelihood of closing a deal in a reasonable timeframe.
Now, let’s delve into the list to sold price percentage, which is currently at 96.2%. This figure represents the average percentage of the listing price that homes are sold for. A higher percentage indicates that homes are being sold closer to their asking price, which could suggest a strong seller’s market where buyers are willing to pay more. For sellers, this metric showcases the potential to secure offers close to their desired listing price, maximizing their returns.
Lastly, we have the median sold price, which currently stands at $459,875. This figure represents the middle point of all the sold prices within a specific area or market. The median sold price is crucial as it gives both buyers and sellers a benchmark to work with when determining property values. For sellers, this metric represents the average price they can expect to receive for their property, while buyers can use it to gauge the overall market value and make informed decisions on their offers.
In conclusion, these real estate metrics provide buyers and sellers with valuable information about the current state of the market. Understanding the correlation between these metrics can help individuals navigate the real estate landscape more effectively and make sound decisions. With a low supply of inventory, a decreasing trend in months of inventory, a relatively short time on the market, a high list to sold price percentage, and a median sold price of $459,875, these indicators suggest a potentially favorable market for sellers. However, it is essential to work closely with a trusted real estate professional to fully interpret and utilize this data to achieve your specific goals.
Thank you for your attention, and happy buying or selling in 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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