Hi Friends, as buyers and sellers in the real estate market, it is essential to understand the various metrics that impact the industry. Today, we will delve into five key metrics that provide valuable insights into the current state of the market and its future trends.
Firstly, let’s discuss the “Months Supply of Inventory,” which stands at 2.76. This metric represents 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, where demand exceeds supply, leading to potential bidding wars and higher prices. In our case, a 2.76 months supply suggests a relatively balanced market, offering both buyers and sellers fair opportunities.
Next, we have the “12-Month Change in Months of Inventory,” which shows the percentage change in the supply of homes over the past year. Our data indicates a positive change of 0.36%, suggesting a slight increase in the number of homes available for sale. While this may provide buyers with a slightly larger selection, sellers should remain cautious not to overprice their properties.
Moving on to the “Median Days Homes are On the Market,” we find that the average time it takes for a home to sell is a mere 22 days. This rapid turnover demonstrates a highly active market where properties are in high demand. For sellers, this means that pricing their homes competitively and ensuring they are market-ready is crucial to attract potential buyers swiftly.
Now let’s consider the “List to Sold Price Percentage,” which measures the ratio between the final selling price and the original listing price. Our data reveals an impressive percentage of 98.5%. This suggests that homes are typically selling very close to their initial asking price, indicating a strong market where sellers have the upper hand. Buyers should be prepared to present attractive offers to secure a property in such circumstances.
Lastly, we come to the “Median Sold Price,” which currently stands at $260,000. This metric presents the middle point of all the sold homes’ prices, providing an indication of the market’s overall pricing trend. A higher median sold price implies a robust market with increasing property values. For sellers, this is excellent news as it signifies potential appreciation in their investment. However, buyers must be aware of the market’s upward trajectory and adjust their budgets accordingly.
In conclusion, these real estate metrics provide invaluable insights for both buyers and sellers. With a balanced supply of inventory and a slight increase in availability, buyers can expect a decent selection of properties. However, the market’s high activity, rapid turnover, and strong list to sold price percentage indicate that sellers hold an advantage. As always, it is crucial for buyers and sellers to remain informed and adapt their strategies accordingly to make the most informed decisions in this dynamic 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.
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