Hi Friends, today I want to discuss some key real estate metrics that are crucial for both buyers and sellers to understand. By analyzing these metrics, we can gain valuable insights into the current state of the real estate market and make informed decisions.
Let’s start with the Months Supply of Inventory, which currently stands at 1.88. 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 suggests a seller’s market, where demand surpasses supply, leading to potential bidding wars and higher prices. In this case, with a supply of inventory below 2 months, we can infer that it is a strong seller’s market.
Moving on to the 12-Month Change in Months of Inventory, which has seen a significant increase of 8.05%. This metric indicates the percentage change in the supply of homes for sale over the past year. A positive change suggests that inventory has increased, potentially indicating a shift towards a buyer’s market. This increase could be attributed to various factors, such as increased construction or decreased demand.
Next, let’s consider the Median Days Homes are On the Market, which currently stands at 17. This metric provides insight into the average number of days it takes for a home to be sold after being listed. A lower number suggests a faster-paced market with high buyer demand. In this case, with homes selling in just 17 days, we can conclude that the market is quite active and competitive.
Now, let’s discuss the List to Sold Price Percentage, which sits at 97.9%. This metric measures the percentage of the list price that a home sells for. A higher percentage suggests that homes are selling close to or at the asking price. In this scenario, with homes selling at nearly 98% of the list price, we can infer that there is strong buyer interest and limited negotiation room for sellers.
Lastly, let’s examine the Median Sold Price, which is currently at $373,000. This metric represents the middle point of all the sold prices in a given area. It provides a snapshot of the overall market value. In this case, with a median sold price of $373,000, we can deduce that the market is relatively stable and has experienced appreciation.
To summarize, the current real estate market appears to be a strong and competitive seller’s market, as indicated by the low Months Supply of Inventory, high List to Sold Price Percentage, and low Median Days Homes are On the Market. However, the 12-Month Change in Months of Inventory suggests a potential shift towards a buyer’s market. With a median sold price of $373,000, it is evident that the market has seen appreciation.
Buyers should be prepared for limited inventory and potential competition, while sellers can take advantage of favorable conditions to maximize their return. It is always recommended to consult with a real estate professional to navigate these market dynamics effectively.
Thank you for your attention, and we hope this analysis has provided valuable insights into the current real estate market for both buyers and sellers.
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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