Hi Friends, today we have some intriguing real estate metrics to discuss. These figures are vital for both buyers and sellers as they provide valuable insights into the current market conditions. So, let’s dive in and explore the correlation between these metrics.
Firstly, we have the “Months Supply of Inventory,” which currently stands at 2.39. This metric represents the number of months it would take to sell all available properties if no new listings were added. A lower number indicates a seller’s market, where demand outpaces supply.
Now, let’s consider the “12-Month Change in Months of Inventory,” which shows an increase of 38.15%. This suggests that the inventory of available homes has grown significantly over the past year. This rise could be attributed to various factors, such as increased construction or a slower pace of sales.
Moving on, we have the “Median Days Homes are On the Market,” which is currently at 29 days. This metric measures the average number of days it takes for a home to sell after being listed. A lower number indicates a faster-paced market where properties are in high demand, while a higher number suggests a slower market.
Next, we have the “List to Sold Price Percentage,” which currently stands at an impressive 99.1%. This figure represents the percentage of the original listing price that a property ultimately sells for. A higher percentage indicates that sellers are achieving close to their asking price, showcasing a strong market with motivated buyers.
Lastly, we have the “Median Sold Price,” which currently sits at $330,000. This metric represents the middle point of all the sold prices in a given period. It gives us a sense of the overall price range in the market and can be used as a reference point for both buyers and sellers.
Now, let’s tie these metrics together. The low “Months Supply of Inventory” suggests a seller’s market, where demand outpaces supply. This is further supported by the high “List to Sold Price Percentage,” indicating that sellers are achieving close to their asking prices. Additionally, the relatively low “Median Days Homes are On the Market” of 29 days indicates a fast-moving market.
However, we must also consider the “12-Month Change in Months of Inventory,” which shows a significant increase. This indicates a growing inventory, which could potentially shift the market towards a more balanced state.
In conclusion, the current real estate market appears to be favorable for sellers due to the low months supply of inventory and high list to sold price percentage. Buyers should be prepared for a fast-paced market with limited options available. However, the increase in inventory over the past year suggests a potential shift, so it’s crucial to stay informed and adapt accordingly.
Thank you for joining us today, and we hope this analysis has provided valuable insights for both buyers and sellers in the real estate market.
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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