Hello Friends, today we are going to explore the correlation between several key real estate metrics that are of great interest to both buyers and sellers. By analyzing this data, we aim to provide you with valuable insights into the current state of the market, helping you make informed decisions.
Let’s start by discussing the “Months Supply of Inventory,” which stands at 2.44. This metric represents the number of months it would take to sell all the homes currently on the market if no new listings were added. A lower value indicates a seller’s market, meaning there is high demand for homes compared to the available supply.
Now, let’s delve into the “12-Month Change in Months of Inventory,” which shows a substantial increase of 28.42%. This change indicates a shift towards a more balanced market, where supply is starting to catch up with demand. While the market was previously favoring sellers, it now offers more opportunities for buyers to find suitable properties.
Moving on, we have the “Median Days Homes are On the Market,” which stands at just 14 days. This is an incredibly low number, suggesting that homes are being sold relatively quickly. It also indicates a sense of urgency among buyers, who must act swiftly to secure their desired properties.
Next, we have the “List to Sold Price Percentage,” which is an impressive 98.1%. This percentage signifies that, on average, homes are being sold at 98.1% of their listed price. This data reflects a strong seller’s market, where buyers often find themselves in competitive bidding situations, resulting in properties selling very close to their asking price.
Lastly, we come to the “Median Sold Price,” which currently stands at $362,000. This figure represents the middle price point of all the homes sold in the area. It showcases the overall value and affordability of properties within the market. This median sold price can serve as a benchmark for both buyers and sellers, allowing them to gauge the general price range of homes in the area.
In summary, we observe a real estate market that has experienced a notable increase in inventory over the past year. While it remains a seller’s market with homes selling quickly, the rise in supply is providing buyers with more options. The list to sold price percentage highlights the competitiveness of the market, while the median sold price gives us a sense of the average price range.
As buyers and sellers, this data should empower you to make informed decisions. Buyers may find it beneficial to act swiftly and be prepared to make competitive offers, while sellers can have confidence in the market’s strength and potentially achieve a favorable sale price.
Remember, real estate markets are dynamic and subject to change. It is always recommended to seek guidance from a professional real estate agent who can provide personalized insights based on your specific circumstances.
Thank you for joining us today, and we hope this analysis of market updates and trends at Missouri City has provided valuable insights for both buyers and sellers in our audience.
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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