Hi Friends, today, we will be discussing some key real estate metrics that can provide valuable insights into the current market conditions. By understanding these metrics, you can make more informed decisions when buying or selling a property.
First, let’s talk about the “Months Supply of Inventory.” This metric indicates how long it would take for all the current listings to sell, given the current sales pace. In our case, the Months Supply of Inventory stands at 3.27. This means that, on average, it would take a little over three months to sell all the available properties in the market.
Now, let’s examine the “12-Month Change in Months of Inventory,” which tells us how this supply has changed over the past year. In our analysis, we observe a significant increase of 72.11% in the Months of Inventory compared to the previous year. This indicates that the market has become more saturated with listings, potentially giving buyers more options to choose from.
Moving on, we have the “Median Days Homes are On the Market.” This metric highlights the average number of days it takes for a property to sell once it is listed. Surprisingly, the median days homes are on the market is just seven days. This suggests a highly competitive market, where properties are selling relatively quickly.
Now, let’s shift our focus to the “List to Sold Price Percentage.” This metric reveals the percentage of the listing price that homes are actually selling for. In our analysis, we find that the List to Sold Price Percentage is an impressive 99.3%. This indicates that sellers are achieving a high percentage of their asking price, which can be encouraging for those looking to sell their property.
Lastly, let’s discuss the “Median Sold Price,” which represents the middle point of all the sold prices in the market. In our analysis, the Median Sold Price stands at $418,000. This figure provides crucial information for both buyers and sellers, as it gives an idea of the general price range in the market.
In summary, the real estate metrics we have discussed today provide valuable insights for buyers and sellers. The Months Supply of Inventory and the 12-Month Change in Months of Inventory reveal the availability of properties in the market, while the Median Days Homes are On the Market indicates the speed at which properties are selling. The List to Sold Price Percentage highlights the negotiation power of sellers, and the Median Sold Price gives a sense of the price range in the market. By understanding these metrics, you can make more informed decisions and navigate the real estate market more effectively.
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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