Hi Friends, today I would like to delve into the fascinating world of real estate metrics. For those of you who are looking to buy or sell a property, understanding these metrics can be the key to making informed decisions and maximizing your investment. So, let’s dive right in!
First, let’s discuss the Months Supply of Inventory, which currently stands at 3.7. This metric represents the number of months it would take to sell all the homes currently on the market, given the current sales pace. A lower number suggests a seller’s market, with limited inventory and potentially higher prices.
In relation to this, we must consider the 12-Month Change in Months of Inventory, which shows an increase of 6.02%. This indicates that the supply of homes on the market has grown over the past year. While this may hint at a shift towards a buyer’s market, it’s important to note that the overall supply is still relatively low, meaning sellers still hold some advantage.
Moving on, we have the Median Days Homes are On the Market, which currently stands at 33. This metric represents the average number of days it takes for a home to sell. A lower number suggests higher demand and a quicker sales process. In this case, 33 days indicates a healthy market with a decent level of activity.
Now, let’s discuss the List to Sold Price Percentage, which currently stands at 97.6%. This metric reflects the percentage of the listing price that homes are actually sold for. A higher percentage suggests that sellers are achieving prices close to their asking price, indicating a strong market. At 97.6%, we can conclude that sellers are generally receiving offers very close to their initial asking price.
Lastly, we have the Median Sold Price, which currently stands at $369,000. This metric represents the midpoint of all the sold prices in the market. It provides a snapshot of the market’s overall price range. In this case, $369,000 indicates a relatively high median price, suggesting a market with desirable properties and potentially higher returns on investment.
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 market that favors sellers, suggesting that prices may be on the higher side. However, the increasing 12-Month Change in Months of Inventory suggests that more homes are coming onto the market, potentially giving buyers more options and slightly more negotiating power.
Additionally, the Median Days Homes are On the Market suggests that properties are moving relatively quickly, indicating a strong demand. This, coupled with the relatively high Median Sold Price, suggests that buyers are willing to pay a premium for the homes available.
In conclusion, for buyers, it’s important to act swiftly and be prepared to make competitive offers in this market. For sellers, it’s a great time to list your property, as demand is high and prices are favorable. However, it’s crucial to stay informed and monitor these metrics regularly, as they can fluctuate over time.
Thank you for joining me on this journey through real estate metrics. I hope you found this analysis informative and helpful in your buying or selling endeavors. Remember, knowledge is power in the world of real estate!
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.
Download our FREEBIES here!
The Ultimate Home Buyer’s Guide
The Ultimate Home Seller’s Guide
Find us on YouTube!
#jenniferyoingcorealtor #jenniferyoingco #JenniferYoingcoTexas #houstonsuburb #houstonsuburbs #houstonsuburbgroup #texasrelocationexperts #HoustonRelocationExpert #HoustonRelocationSpecialist #NurseRelocationExpert #NurseRelocationSpecialist #newhomeconstruction #thehighlands #ravennahomes #ravennahomesforsale #ravennahomesrealtor #ravennahomesrealestateagent #springtexas #tomballtexas #livinginhoustontexas #livinginhouston #thewoodlandstexas #conroetexas #montgomerytexas #cypresstexas #newcaneytexas #portertexas #katytexas #pearlandtexas #richmondtexas #fulsheartexas #sugarlandtexas #houstontexas #magnoliatexas #hockleytexas #pinehursttexas #jerseyvillagetexas #humbletexas
