Hi Friends, today we have some intriguing real estate metrics to discuss that will be of particular interest to both buyers and sellers. These metrics provide valuable insights into the current state of the real estate market, enabling you to make informed decisions. So let’s delve into the correlation between these metrics and uncover what they mean for you.
Firstly, let’s focus on the Months Supply of Inventory, which stands at 2.37. This metric represents the number of months it would take to sell all the current homes on the market if no new listings were added. A lower supply of inventory tends to favor sellers as it indicates a higher demand for properties. Conversely, a higher supply of inventory can benefit buyers as it suggests more options and potentially more negotiating power.
Now, let’s explore the 12-Month Change in Months of Inventory, which is at +4.41%. This metric highlights the percentage change in the supply of inventory over the past year. A positive change suggests an increase in inventory, which can create a more balanced market and provide buyers with more choices. For sellers, it may require adjusting strategies to ensure their property stands out amidst the increased competition.
Moving on, we have the Median Days Homes are On the Market, which currently stands at 20. This metric reflects the average number of days it takes for a home to be sold. A lower number of days on the market indicates a faster-paced market, typically favoring sellers. Conversely, a higher number of days can signal a slower market, potentially presenting buyers with more negotiating opportunities.
Next, we have the List to Sold Price Percentage, which stands at an impressive 98.3%. This metric represents the percentage of the listing price that homes actually sell for. A higher percentage suggests that homes are selling close to their initial listing price, indicating strong demand and potential competition among buyers. Sellers can be encouraged by this metric, as it signifies that their properties are fetching a price close to their expectations.
Lastly, let’s discuss the Median Sold Price, which currently stands at $375,990. This metric represents the midpoint of all the sold prices in the market. It provides a snapshot of the overall price range and trends in the area. For sellers, a higher median sold price can indicate a favorable market where they may be able to achieve a higher selling price. For buyers, it is essential to consider this metric to ensure they are making informed decisions based on market value.
In conclusion, these real estate metrics paint a picture of a market that is experiencing a balanced supply and demand, with properties selling relatively quickly and close to their listing prices. Buyers can benefit from the increased inventory and potentially more negotiating opportunities, while sellers can take advantage of the strong demand and favorable selling conditions. By considering these metrics, you can navigate the real estate market with confidence and make well-informed decisions.
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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