Hello Friends, today we will dive into the fascinating world of real estate metrics. For those of you who are buyers or sellers, understanding these metrics is crucial in making informed decisions. So let’s get started!
First, let’s take a look at the “Months Supply of Inventory,” which currently stands at 3.66. This metric represents the number of months it would take to sell all the homes on the market if no new listings were added. A lower number indicates a seller’s market, where demand exceeds supply, leading to potentially higher prices.
Now, let’s analyze the “12-Month Change in Months of Inventory,” which shows an impressive increase of +2.81%. This positive change indicates a healthier real estate market with an increase in inventory. This rise in supply can give buyers more options and potentially lead to a more balanced market.
Moving on, we have the “Median Days Homes are On the Market,” which currently sits at 35. This metric signifies the average number of days it takes for a home to sell. A lower number generally indicates a higher demand and a faster-selling market. Conversely, a higher number might suggest a slower-paced market or less demand.
Next, we have the “List to Sold Price Percentage,” which stands at 98.2%. This metric shows the percentage of the list price that homes are typically sold for. A higher percentage suggests that sellers are receiving offers close to their asking price, indicating a strong market and potentially less room for negotiation.
Lastly, we come to the “Median Sold Price,” which currently stands at $354,950. This metric represents the middle point of all the sold prices in the market. It can serve as a benchmark for buyers and sellers to understand the average price range in a particular area.
Now that we have analyzed each metric individually, let’s connect the dots and see how they correlate. The low “Months Supply of Inventory” suggests a seller’s market, where demand exceeds supply. This, coupled with the positive “12-Month Change in Months of Inventory,” indicates a healthier market with increasing inventory.
The relatively low “Median Days Homes are On the Market” further confirms the high demand, reinforcing the notion of a seller’s market. Moreover, the strong “List to Sold Price Percentage” suggests that sellers are receiving offers close to their asking prices, indicating a robust market with less room for negotiation.
Lastly, we have the “Median Sold Price” at $354,950, which showcases the average price range in the market. With the other metrics pointing towards a seller’s market, this median price suggests that buyers may need to be prepared to compete and potentially pay higher prices.
In conclusion, the real estate metrics provided paint a picture of a seller’s market with high demand, low inventory, and strong sales prices. Buyers should be prepared for potential competition, while sellers can expect offers close to their asking price. It’s essential for both buyers and sellers to consider these metrics when navigating 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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