Hi Friends, today we will be delving into the correlation between several key real estate metrics that are of utmost importance to both buyers and sellers in the market. Our analysis will provide valuable insights into the current state of the real estate market, helping you make informed decisions and navigate through this ever-changing landscape.
Firstly, let’s start by examining the Months Supply of Inventory, which stands at 3.78. This metric represents the number of months it would take to sell all the current inventory of homes on the market, assuming no new listings are added. A lower months supply indicates a seller’s market, where demand exceeds supply, leading to increased competition among buyers. Conversely, a higher months supply signifies a buyer’s market, where supply outpaces demand, giving buyers more negotiating power.
Now, let’s shift our attention to the 12-Month Change in Months of Inventory, which shows a positive increase of 8.62%. This indicates a trend of increasing inventory over the past year. This rise in inventory could potentially be advantageous for buyers as it provides them with a wider selection of properties to choose from and may lead to more favorable pricing negotiations.
Moving on, we have the Median Days Homes are On the Market, which currently stands at 42. This metric measures the average number of days it takes for a property to be sold after it is listed. A lower median days on the market suggests a faster-paced market where homes are in high demand and tend to sell more quickly. Conversely, a higher median days on the market indicates a slower market, potentially allowing buyers more time to make decisions and negotiate terms.
Next, let’s consider the List to Sold Price Percentage, which is currently at an impressive 97.4%. This metric represents the percentage of the list price that sellers are able to achieve when their homes are sold. A higher list to sold price percentage indicates that sellers are receiving offers closer to their asking price, highlighting a strong seller’s market. For sellers, this metric underscores the potential for maximizing their investment, while buyers may face more competition and potentially higher prices.
Lastly, we have the Median Sold Price, which currently stands at $321,990. This metric represents the middle point of all the sold prices within a specific market area. The median sold price provides an indication of the overall price range and trends in the market. For sellers, this metric helps to determine a competitive listing price, while buyers can gauge the affordability of the market.
In conclusion, the correlation between these real estate metrics provides valuable insights for both buyers and sellers. While the Months Supply of Inventory and the 12-Month Change in Months of Inventory indicate a potential shift towards a more balanced market, the Median Days Homes are On the Market and the List to Sold Price Percentage highlight the current competitiveness in the market. Finally, the Median Sold Price serves as a benchmark for both buyers and sellers to evaluate the overall price range in the market.
By understanding these correlations, buyers and sellers can make informed decisions, capitalize on market conditions, and ultimately achieve their real estate goals.
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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