Hi Friends, thank you for joining us today as we delve into the world of real estate metrics. Whether you are a buyer or a seller, understanding these metrics is crucial in making informed decisions about your property transactions. So, let’s dive right in!
First, let’s talk about the Months Supply of Inventory, which currently stands at 3.63. This metric represents the number of months it would take for the current inventory of homes on the market to be sold, given the current sales pace. A lower number indicates a seller’s market, where demand exceeds supply, while a higher number suggests a buyer’s market. With a months supply of inventory at 3.63, we can infer that the market slightly favors sellers, but it also provides buyers with a decent number of options.
Moving on, the 12-Month Change in Months of Inventory shows an increase of 7.08%. This metric compares the current months supply of inventory with the same period from the previous year. An increase in this value suggests a larger inventory and a more favorable market for buyers. However, it’s important to note that this figure should be interpreted in conjunction with other metrics to get a comprehensive understanding of the market dynamics.
Next, we have the Median Days Homes are On the Market, which currently stands at 50 days. This metric indicates the average number of days it takes for a home to sell once it’s listed. A lower number suggests a faster-moving market, while a higher number implies a slower pace. With a median of 50 days, we can confidently say that homes are selling relatively quickly, indicating a healthy level of demand.
Moving on to the List to Sold Price Percentage, we find it at an impressive 97.8%. This metric measures the percentage of the listing price that homes are typically sold for. A higher percentage indicates that homes are generally sold close to or above their listing prices, which is great news for sellers. This figure suggests that sellers have been able to secure favorable prices for their properties, which may be attributed to the current market conditions.
Lastly, let’s discuss the Median Sold Price, which stands at $325,000. This metric represents the middle point of all the sold prices, indicating the midpoint of the market. A higher median sold price generally suggests a higher-priced market, while a lower figure implies a more affordable market. With a median sold price of $325,000, we can infer that the market is reasonably priced, offering a balance between affordability and value for both buyers and sellers.
In summary, these real estate metrics provide valuable insights into the current market conditions. With a months supply of inventory at 3.63, an increase in inventory over the past year, homes typically selling within 50 days, a high list to sold price percentage, and a median sold price of $325,000, we see a market that slightly favors sellers while still providing buyers with options. This analysis should assist you in making informed decisions as you navigate the complex world of real estate. Thank you for joining us today, and happy buying or selling!
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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