Hi Friends, Today, we will be discussing some important real estate metrics that can provide valuable insights into the current state of the market. These metrics include the Months Supply of Inventory, the 12-Month Change in Months of Inventory, the Median Days Homes are On the Market, the List to Sold Price Percentage, and the Median Sold Price.
Let’s start with the Months Supply of Inventory, which currently stands at 2.95. This metric represents the number of months it would take to sell all the available homes on the market, given the current sales pace. A lower number indicates a more competitive market, while a higher number suggests a more balanced or even a buyer’s market. In this case, a Months Supply of Inventory of 2.95 indicates a relatively tight market, where buyers may face more competition for available properties.
Now, let’s take a look at the 12-Month Change in Months of Inventory, which shows a significant increase of +70.52%. This metric measures the percentage change in the Months Supply of Inventory compared to the previous year. In this case, the substantial increase suggests that the market has become more favorable for buyers, as there are more homes available for sale compared to the previous year.
Moving on, we have the Median Days Homes are On the Market, which currently stands at 17. This metric represents the average number of days it takes for a home to sell once it is listed on the market. A lower number indicates a faster-moving market, while a higher number suggests a slower pace. With a Median Days Homes are On the Market of 17, we can conclude that properties are selling relatively quickly, indicating a high demand for homes in the area.
Next, let’s discuss the List to Sold Price Percentage, which is currently at 97.3%. This metric measures the percentage of the listing price that homes are actually selling for. A higher percentage suggests that homes are selling close to their original listing price, indicating a strong market where sellers have more negotiating power. With a List to Sold Price Percentage of 97.3%, it is evident that sellers are achieving a high percentage of their asking price, signaling a healthy market for sellers.
Lastly, we have the Median Sold Price, which currently stands at $465,000. This metric represents the middle point of all the sold prices for homes in the area. The Median Sold Price provides a snapshot of the overall price range in the market and gives buyers and sellers an idea of what they can expect in terms of pricing. With a Median Sold Price of $465,000, it shows that the market is robust, with homes selling at a competitive price point.
In summary, we have discussed several key real estate metrics that provide valuable insights for both buyers and sellers. The Months Supply of Inventory and the 12-Month Change in Months of Inventory indicate a relatively tight market that has become more favorable for buyers compared to the previous year. The Median Days Homes are On the Market suggests a high demand for homes, with properties selling relatively quickly. The List to Sold Price Percentage indicates a strong market where sellers are achieving a high percentage of their asking price. Lastly, the Median Sold Price reflects a robust market with homes selling at a competitive price point.
Thank you for joining me today, and I hope this analysis has provided you with useful information for your real estate endeavors.
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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