Hi Friends, today we will be analyzing some key real estate metrics that will undoubtedly captivate the attention of both buyers and sellers. These metrics provide valuable insights into the current state of the market and can help guide your decision-making process. So, let’s dive in and explore the correlation between these metrics!
Firstly, let’s take a look at the “Months Supply of Inventory,” which currently stands at 2.47. This metric measures the number of months it would take to sell all the homes on the market if no new listings were to come in. A lower number indicates a seller’s market, where demand exceeds supply. With a supply of just 2.47 months, we can infer that the market is relatively tight, favoring sellers.
Next, we have the “12-Month Change in Months of Inventory,” which is currently showing a decrease of -9.19%. This metric highlights the change in the supply of homes over the past year. The negative percentage indicates a shrinking inventory, further solidifying the seller’s advantage in the market. Sellers can expect their homes to move faster than they would have a year ago.
Moving on, we have the “Median Days Homes are On the Market” metric, which reveals that homes are typically sold within 23 days. This is a crucial metric for both buyers and sellers, as it indicates the speed at which homes are being bought and sold. With homes spending a relatively short time on the market, buyers need to act swiftly, and sellers can be confident in the market’s activity.
Now, let’s consider the “List to Sold Price Percentage,” which currently stands at 98.3%. This metric represents the percentage of the listing price that homes are ultimately sold for. A higher percentage suggests that sellers are receiving offers close to or at their asking price. In this case, 98.3% indicates that sellers are achieving a significant portion of their desired price, further highlighting the seller’s market conditions.
Lastly, we have the “Median Sold Price,” which currently sits at $332,000. This metric represents the midpoint of all the sold home prices in the market. As a buyer or seller, knowing the median sold price can help you gauge the overall pricing trends in your area. The $332,000 median sold price provides a benchmark for both buyers and sellers to consider when determining their own pricing strategies.
In conclusion, these real estate metrics paint a picture of a market that heavily favors sellers. With a low months supply of inventory, decreasing inventory levels, homes selling quickly, and sellers achieving a high percentage of their asking price, buyers should be prepared to act fast and potentially pay close to the list price. Sellers, on the other hand, can expect a swift sales process and potentially secure a price close to their desired amount.
Remember, these metrics are just a snapshot of the current market conditions, and it’s always crucial to consult with a real estate professional for a comprehensive analysis tailored to your specific needs.
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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