Hello friends, today we will be exploring the correlation between several important real estate metrics. Whether you are a buyer or a seller, understanding these metrics can provide valuable insights into the current state of the market and help you make informed decisions.
Let’s start with the Months Supply of Inventory, which currently stands at 3.36. 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 low supply of inventory indicates a seller’s market, where demand exceeds supply, leading to potential bidding wars and higher prices.
Now, let’s take a look at the 12-Month Change in Months of Inventory, which shows an increase of 7.69%. This suggests that the inventory has been growing over the past year, potentially shifting the market towards a more balanced or even a buyer’s market. This increase in supply could lead to more competitive pricing and negotiation opportunities for buyers.
Moving on, we have the Median Days Homes are On the Market, which currently stands at 25. This metric measures the average number of days it takes for a home to sell once it is listed. A lower median days on the market indicates a faster pace of sales, possibly due to high demand or attractive pricing. This is good news for sellers as it suggests a quick turnover and potentially higher selling prices.
Next, we have the List to Sold Price Percentage, which stands at an impressive 98.6%. This metric shows the percentage of the original list price that homes are actually sold for. A high percentage indicates that sellers are typically receiving offers close to their asking price, which suggests strong buyer demand and potentially multiple offers. This is encouraging for sellers who can anticipate a higher likelihood of achieving their desired sale price.
Lastly, we have the Median Sold Price, which is currently at $385,000. This metric represents the middle price point of all the homes that have been sold in a given period. A higher median sold price indicates a robust market with strong buyer demand, potentially driven by factors such as low interest rates or a desirable location. This is beneficial for sellers who may be able to command higher prices for their properties.
In summary, we have discussed several key real estate metrics that provide valuable insights for both buyers and sellers. The Months Supply of Inventory and the 12-Month Change in Months of Inventory suggest a shifting market, potentially favoring buyers. However, the Median Days Homes are On the Market, List to Sold Price Percentage, and Median Sold Price all indicate a strong seller’s market with high demand and competitive pricing.
By understanding and analyzing these metrics, buyers can be prepared for potential negotiation opportunities and sellers can have confidence in the current market conditions. We hope this information has been helpful and informative, allowing you to make well-informed decisions in your real estate endeavors.
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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