Hello friends, today we will be discussing some key real estate metrics that are of utmost importance to both buyers and sellers. These metrics provide valuable insights into the current state of the housing market and can help guide your decision-making process. So, let’s take a closer look at the correlation between these metrics and what it means for you.
First, we have the Months Supply of Inventory, which currently stands at 2.51. This metric represents the number of months it would take to sell all the homes on the market if no new listings were added. A lower number indicates a seller’s market, where demand outweighs supply, leading to potentially higher prices. In our case, 2.51 months suggests a relatively balanced market, with a fair amount of available inventory for buyers to choose from.
Now, let’s consider the 12-Month Change in Months of Inventory, which shows a significant increase of +34.95%. This rise indicates a trend towards more homes being listed compared to the previous year. For sellers, this could mean increased competition and potentially longer selling times. However, for buyers, it could present an opportunity to negotiate better deals or have more options to choose from.
Moving on, we have the Median Days Homes are On the Market, which currently stands at 24 days. This metric represents the average number of days it takes for a home to be sold after being listed. A lower number suggests a faster-paced market, where properties are in high demand. In our case, 24 days indicate that homes are selling relatively quickly, which could be advantageous for sellers looking for a swift transaction.
Next, we have the List to Sold Price Percentage, which is currently at an impressive 98.6%. This metric represents the percentage of the listing price that homes are actually sold for. A higher percentage indicates that properties are generally selling close to or at their asking prices. For sellers, this is undoubtedly good news, as it suggests that they have a higher likelihood of receiving their desired sale price.
Lastly, we have the Median Sold Price, which currently stands at $309,000. This metric represents the middle point of all the sold prices within a given timeframe. It provides a snapshot of the current market value for homes in the area. For buyers, this information can help in determining whether the market is within their budget. For sellers, it serves as a reference point for pricing their property competitively.
In summary, these real estate metrics paint a picture of a relatively balanced market with a fair amount of available inventory. The increase in the 12-Month Change in Months of Inventory suggests a trend towards more listings, potentially leading to increased competition. Nonetheless, homes are still selling relatively quickly, as evidenced by the Median Days Homes are On the Market. The List to Sold Price Percentage indicates that sellers have a good chance of achieving their desired sale price. And finally, the Median Sold Price gives buyers and sellers a clear understanding of the current market value.
Whether you are a buyer or a seller, it’s crucial to stay informed about these metrics and how they can impact your real estate journey. By understanding these correlations, you can make more informed decisions and navigate the market with confidence.
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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