Hello friends, today we have some intriguing real estate metrics to discuss that will surely captivate both buyers and sellers. These metrics provide valuable insights into the current state of the market, allowing us to make informed decisions.
Let’s start with the Months Supply of Inventory, which stands at 2.46. 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 value indicates a seller’s market, where demand outstrips supply. With a supply of just 2.46 months, we can confidently say that the market is currently favoring sellers. This means that buyers might face more competition and should act swiftly to secure a property.
Moving on, the 12-Month Change in Months of Inventory is +11.31%. This figure reveals the percentage increase in the supply of homes over the past year. A positive change indicates a rise in inventory, potentially signaling a shift towards a buyer’s market. While the increase in supply may give buyers more options, it is important to note that the market is still predominantly favorable to sellers due to the relatively low supply.
Next, we have the Median Days Homes are On the Market, which is impressively low at just 12 days. This metric represents the average number of days it takes for a home to sell once it is listed. A lower value indicates a fast-paced market where properties are being snatched up quickly. Sellers can take advantage of this by pricing their homes competitively and buyers should be prepared to act swiftly when they find a property that meets their criteria.
Now let’s turn our attention to the List to Sold Price Percentage, which stands at 98.5%. This metric represents the average percentage of the listing price that homes are ultimately sold for. A higher percentage suggests that sellers are receiving offers close to their asking price, indicating a strong market. This figure reassures sellers that their homes are likely to sell at a price close to their expectations, while buyers may need to be prepared to negotiate effectively to secure a favorable deal.
Lastly, we have the Median Sold Price, which currently sits at $382,500. This metric represents the midpoint of all the sold prices within a given period. While the median sold price provides a snapshot of the market, it is essential to consider other factors such as location, property size, and condition when assessing the value of a specific property. However, this figure can be useful in understanding the general price range of properties in the market.
In conclusion, these real estate metrics provide a comprehensive snapshot of the market’s current state. With a low Months Supply of Inventory and Median Days Homes are On the Market, sellers have the upper hand, but the 12-Month Change in Months of Inventory suggests a potential shift. The List to Sold Price Percentage reassures sellers, while buyers should be prepared for some negotiation. And the Median Sold Price gives us a glimpse into the general price range of properties. It is crucial for both buyers and sellers to stay informed and adapt their strategies accordingly to make the most of the current market conditions.
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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