Hi Friends, today we will explore the correlation between several key real estate metrics that are crucial for both buyers and sellers in the market. By analyzing these metrics, we can gain valuable insights into the current state of the real estate market and make informed decisions.
Firstly, let’s examine the Months Supply of Inventory, which stands at 2.41. This metric represents how long it would take to sell all the existing homes on the market, given the current sales pace. A lower value indicates a seller’s market, where demand outstrips supply, leading to increased competition among buyers. In our case, a Months Supply of Inventory of 2.41 suggests a relatively tight market, which favors sellers.
Next, we have the 12-Month Change in Months of Inventory, which shows a decline of -10.74%. This percentage represents the change in the supply of homes over the past year. The negative value indicates a decrease in inventory, which aligns with the notion of a seller’s market. The declining trend implies that the market is becoming even more competitive, potentially leading to higher prices.
Moving on, we come to the Median Days Homes are On the Market, which stands at 28. This metric measures the average number of days it takes for a home to sell. A lower value implies a faster pace of sales and higher demand. With homes spending only 28 days on the market, it is evident that buyers are actively seeking and purchasing properties swiftly. This data further emphasizes the competitive nature of the current real estate market.
The List to Sold Price Percentage is another significant metric, currently at an impressive 98%. This percentage represents the ratio of the final sale price to the initial listing price. A higher percentage indicates that homes are selling close to or even above the initial asking price, demonstrating strong buyer demand and potentially multiple offers. Sellers can take comfort in this data, as it suggests that they have a higher chance of achieving their desired sale price.
Lastly, we have the Median Sold Price, which sits at $325,000. This metric represents the middle point of all the sold prices in a given area or market. A higher median sold price indicates an appreciation in home values and potentially a strong market. In our case, the median sold price of $325,000 suggests a healthy real estate market, where properties hold their value and provide a solid return on investment for sellers.
In conclusion, these real estate metrics paint a picture of a competitive and robust market. With a low Months Supply of Inventory, a decline in inventory over the past year, homes selling in just 28 days, a high List to Sold Price Percentage, and a median sold price of $325,000, sellers can feel confident in the strength of the market. However, buyers should be prepared to act quickly and make competitive offers in order to secure their desired property.
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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