Hello friends, thank you for joining me today as we delve into the world of real estate metrics. Whether you are a buyer or a seller, understanding these metrics can greatly impact your decision-making process. So, let’s jump right into it!
First, let’s talk about the “Months Supply of Inventory.” This metric gives us an indication of how long it would take for all the current homes on the market to sell, given the current rate of sales. In our case, the months supply of inventory stands at 3.26. This means that if no new homes were listed, it would take approximately 3.26 months for all the available homes to be sold.
Now, let’s move on to the “12-Month Change in Months of Inventory.” This metric showcases the percentage change in the months of inventory compared to the previous year. In our situation, we see a decrease of 9.44%. This implies that the market has become more competitive, with fewer homes available for sale compared to the previous year.
Next, we have the “Median Days Homes are On the Market.” This metric gives us an insight into how long, on average, it takes for a home to be sold after being listed. In our case, the median days homes are on the market is 34. This suggests that homes are selling relatively quickly, indicating a strong demand from buyers.
Moving on, we have the “List to Sold Price Percentage.” This metric calculates the percentage of the listing price that homes are actually selling for. Our data shows a list to sold price percentage of 97.8%. This means that, on average, homes are selling very close to their listed price, indicating a healthy and competitive market.
Lastly, let’s discuss the “Median Sold Price.” This metric represents the middle point of all the sold prices in a given area. In our scenario, the median sold price is $410,026. This provides buyers and sellers with an idea of the average price range of homes being sold, allowing for informed decision-making.
In conclusion, these real estate metrics paint a picture of a market that is experiencing a healthy level of demand and competitiveness. The relatively low months supply of inventory, decreasing trend in months of inventory, quick turnaround time for home sales, and strong list to sold price percentage all indicate a favorable market for sellers. As a buyer, it is essential to be prepared and act swiftly when finding a property that matches your needs, given the competitive nature of the market.
Thank you for joining me today, and I hope this analysis has provided you with valuable insights into the correlation between these real estate metrics. 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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