Hi Friends, welcome to today’s real estate market analysis. Today, we will be diving into the correlation between several key real estate metrics that are of utmost importance to both buyers and sellers. So, whether you are looking to buy or sell a property, this analysis will provide you with valuable insights into the current state of the market.
Let’s start by examining the “Months Supply of Inventory,” which currently stands at 2.48. 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 value indicates a seller’s market, where demand exceeds supply, while a higher value indicates a buyer’s market, where supply exceeds demand.
Now, let’s consider the “12-Month Change in Months of Inventory,” which shows a positive change of 5.08%. This indicates that the housing market has experienced an increase in the number of months it would take to sell the existing inventory. While this may suggest a slight shift towards a buyer’s market, it is important to note that the overall supply remains relatively low.
Moving on, we have the “Median Days Homes are On the Market,” which currently stands at 29 days. This metric reveals the average number of days it takes for a property to go under contract. A lower value suggests a faster-paced market, indicating high buyer demand and limited inventory. Conversely, a higher value indicates a slower market, where homes take longer to sell.
Next, we have the “List to Sold Price Percentage,” which is at an impressive 96.9%. This metric measures the percentage of the listing price that sellers are able to achieve when their property is sold. A higher percentage signifies that sellers are able to negotiate closer to their asking price, indicating strong buyer interest and competition in the market.
Lastly, let’s consider the “Median Sold Price,” which currently stands at $350,000. This metric represents the middle point of all the sold prices within a given time frame. It provides a good indication of the overall price range in the market. It is worth noting that this value may vary depending on the location and type of property.
Now, let’s tie all these metrics together. The relatively low “Months Supply of Inventory” and the high “List to Sold Price Percentage” indicate a seller’s market, where demand exceeds supply, leading to higher prices and a faster sales process. However, the slight increase in the “12-Month Change in Months of Inventory” suggests a possible shift towards a more balanced market.
For buyers, these metrics imply that competition may be fierce, and properties may sell quickly. It is important to act swiftly and be prepared to make competitive offers. On the other hand, sellers can expect to receive strong offers and potentially negotiate close to their asking price.
In conclusion, the real estate market we are currently observing is characterized by low inventory, high demand, and strong seller negotiation power. However, slight shifts in the market dynamics indicate the potential for a more balanced market in the future. As always, it is essential for both buyers and sellers to stay informed and work with knowledgeable professionals to navigate these ever-changing 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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