Hello friends, as buyers and sellers in the real estate market, you may be curious about the current state of affairs and how certain metrics can impact your decision-making. Today, we will delve into the correlation between various real estate metrics, using the available data to provide you with valuable insights.
Let’s begin by examining the “Months Supply of Inventory,” which currently stands at 3.48. This metric represents the number of months it would take to sell all the available homes on the market, given the current sales pace. A lower number indicates a seller’s market, where demand outweighs supply, leading to potentially higher prices and quicker sales.
In relation to the previous year, we observe a positive change in the “12-Month Change in Months of Inventory,” with a growth rate of +0.58%. This indicates a slight increase in the length of time it would take to sell all available homes compared to the previous year. While this change may seem minimal, it suggests a slightly more balanced market, with a gradual shift towards favoring buyers.
Moving on, we come to the “Median Days Homes are On the Market,” which stands at 26. This metric highlights the average number of days a home remains listed before it is sold. A lower number indicates a faster-paced market, where homes are in high demand and tend to sell more quickly. In this case, with a median of 26 days, we can infer that the market is quite active, and desirable homes are being snatched up relatively swiftly.
Now, let’s consider the “List to Sold Price Percentage,” which currently stands at 97.9%. This metric represents the percentage of the listing price that homes are typically sold for. A higher percentage indicates that sellers are receiving offers close to their asking price. In this scenario, with a percentage of 97.9%, we can conclude that sellers have a strong negotiating position, as buyers are generally willing to meet their pricing expectations.
Lastly, we have the “Median Sold Price,” which currently stands at $385,000. This metric reflects the midpoint price of all homes sold, indicating the overall market value. It is important to note that this is a median value, meaning that it is not influenced by extreme outliers. With a median sold price of $385,000, we can infer that the market is relatively stable, with a healthy balance between supply and demand.
To summarize, the correlation between these real estate metrics suggests a market that is currently favoring sellers. The relatively low “Months Supply of Inventory” and high “List to Sold Price Percentage” indicate a strong seller’s position, where homes are in demand and selling close to their asking prices. Additionally, the median days on the market suggest a fast-paced environment, further supporting the idea of a seller’s market. However, the positive change in the “12-Month Change in Months of Inventory” indicates a slight shift towards a more balanced market, offering potential opportunities for buyers.
As always, it is crucial to consult with a real estate professional who can provide personalized advice based on your specific circumstances. We hope that this analysis has been informative and assists you in making well-informed decisions in the real estate 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.
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
