Hello friends, today we have an exciting opportunity to delve into the world of real estate metrics. Whether you are a buyer or a seller, understanding these metrics can provide you with valuable insights into the current state of the market. So, let’s jump right in!
First off, we have the “Months Supply of Inventory” metric, which currently stands at 2.5. This metric measures the number of months it would take to sell all the available homes on the market at the current sales pace. A lower number indicates a seller’s market, meaning there is high demand and limited supply. In this case, a 2.5-month supply suggests a relatively tight market, where buyers may need to act quickly to secure their desired property.
Now, let’s take a closer look at the “12-Month Change in Months of Inventory,” which shows a positive increase of 5.04%. This figure represents the percentage change in the number of months it would take to sell all the inventory compared to the previous year. A positive change indicates an increase in the inventory, which could be beneficial for buyers as it suggests more options and potentially more negotiating power.
Moving on, we have the “Median Days Homes are On the Market,” which currently stands at 21 days. This metric tells us the median number of days it takes for a property to be sold after being listed. A low number here indicates a fast-paced market, where homes are being snatched up quickly. Sellers can take comfort in knowing that their properties are not likely to linger on the market for too long.
Next up is the “List to Sold Price Percentage,” which currently sits at an impressive 98.4%. This metric reveals the percentage of the list price that sellers are able to achieve when their homes are sold. A higher percentage suggests that sellers are receiving offers close to their asking price, indicating a strong market and potentially less room for negotiation.
Lastly, we have the “Median Sold Price,” which currently stands at a robust $362,445. This metric represents the middle price point of all the homes sold in the market. It is a valuable indicator of the overall health and value of the real estate market. A higher median sold price often signifies strong demand and a desirable market for sellers.
In summary, these real estate metrics provide valuable insights for both buyers and sellers. With a relatively low months supply of inventory, buyers may need to act swiftly, while the positive change in inventory suggests more options for buyers. The low median days on the market indicate a fast-paced market, and the high list to sold price percentage implies a strong seller’s market. Finally, the high median sold price reflects the desirability and value of the market.
So, whether you are looking to buy or sell, armed with this information, you can make informed decisions and navigate the real estate market with confidence. Happy buying and 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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