Hello friends, I am excited to share with you some real estate metrics that will provide valuable insights for both buyers and sellers. These metrics shed light on the current state of the market, giving you a glimpse into the dynamics between supply, demand, and pricing. So, let’s dive in!
First, let’s talk about the Months Supply of Inventory, which stands at 3.23. This metric represents the number of months it would take to sell all the available homes on the market if no new listings were added. A lower supply of inventory typically indicates a seller’s market, where demand outweighs supply, potentially leading to higher prices.
Now, let’s focus on the 12-Month Change in Months of Inventory, which shows a decrease of -0.31%. This decline indicates that the supply of homes has been decreasing over the past year. This trend suggests that the market might become even more competitive, potentially leading to higher prices in the future.
Moving on, we have the Median Days Homes are On the Market, which currently stands at 25. This metric represents the average number of days it takes for a home to sell. With a relatively low median days on the market, it suggests that homes are selling quickly. This rapid turnover can be attributed to strong demand and a healthy real estate market.
Now, let’s discuss the List to Sold Price Percentage, which is an impressive 98.3%. This metric indicates that, on average, homes are selling very close to their listing price. It shows that sellers are receiving offers that are near or at their asking price, highlighting the strength of the market and the willingness of buyers to meet the seller’s expectations.
Lastly, we have the Median Sold Price, which currently stands at $399,000. This metric represents the middle point of all the prices at which homes were sold. It gives us a sense of the overall pricing trends in the market. The median sold price of $399,000 suggests a healthy and stable market, where homes are attracting buyers at a reasonable price point.
In conclusion, these real estate metrics reveal a market that is in favor of sellers, with a relatively low supply of inventory, quick turnover, and homes selling close to their listing prices. For buyers, this means that competition may be fierce, and it’s important to act swiftly when finding a home that meets your criteria. For sellers, these metrics indicate a favorable market where you can expect to receive offers close to your asking price.
Remember, real estate markets can vary from one location to another, so it’s always wise to consult with a local real estate professional to gain a deeper understanding of your specific market.
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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