Hi Friends, today I would like to discuss some key real estate metrics that can greatly impact 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 take a look at the “Months Supply of Inventory,” which stands at 2.01. This metric represents the number of months it would take to sell all the available homes on the market if no new properties were listed. A lower supply of inventory typically indicates a seller’s market, where there are more buyers than available homes. This can result in higher prices and quicker sales.
Next, we have the “12-Month Change in Months of Inventory,” which shows a positive percentage of +10.44%. This indicates an increase in the number of months it would take to sell all the inventory compared to the previous year. While this may suggest a potential shift towards a buyer’s market, it’s important to note that the current supply is still relatively low. Sellers should be aware of this trend and price their homes accordingly.
Moving on, we come to the “Median Days Homes are On the Market,” which stands at 16. This metric represents the average number of days it takes for a home to sell once it’s listed. A low median days on the market indicates high demand and a fast-paced market. Sellers can take advantage of this by setting a competitive price and attracting multiple offers.
Another important metric is the “List to Sold Price Percentage,” which is currently at 97.3%. This percentage represents the ratio of the final sold price to the initial listing price. A high list to sold price percentage suggests that sellers are receiving offers close to their asking price. This can be encouraging for sellers, as it indicates strong demand and the potential for profitable transactions.
Lastly, we have the “Median Sold Price,” which currently stands at $350,000. This metric represents the middle point of all the sold prices in the market. It can be used as a benchmark for both buyers and sellers to understand the general price range of properties. Buyers can use this information to gauge whether their budget aligns with the current market, while sellers can use it to set a competitive and realistic asking price.
In conclusion, these real estate metrics provide valuable insights into the current market conditions for both buyers and sellers. By understanding the relationship between these metrics, individuals can make informed decisions and navigate the real estate market with confidence. Whether you’re looking to buy or sell, it’s crucial to stay informed and adapt to the ever-changing dynamics of the real estate industry.
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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