Today, I would like to discuss some key real estate metrics that can provide valuable insights for both buyers and sellers in the market. These metrics shed light on the current state of the real estate market and can help guide decision-making processes. So, let’s dive right in!
Firstly, let’s talk about the Months Supply of Inventory, which currently stands at 1.61. This metric indicates the number of months it would take for all the available homes on the market to be sold, given the current rate of sales. A lower number suggests a seller’s market, where demand outpaces supply, potentially leading to higher prices and quicker sales. In this case, with a relatively low supply, sellers may have the advantage.
Moving on, we have the 12-Month Change in Months of Inventory, which shows a positive increase of 5.23%. This change suggests that inventory levels have grown over the past year. While this may indicate a shift towards a buyer’s market, where supply exceeds demand, it’s important to note that the overall supply remains relatively low. Buyers might still face some competition, but the increase in inventory could provide more options and potentially lead to more negotiable prices.
Now, let’s discuss the Median Days Homes are On the Market, which currently stands at 16. This metric reveals the average number of days it takes for a home to go from being listed to being sold. With such a low median, it’s clear that homes are moving quickly in this market. Sellers can be confident that their properties have a good chance of selling within a relatively short timeframe, while buyers should be prepared to act swiftly when they find a home they love.
Next up is the List to Sold Price Percentage, which sits at a respectable 98.3%. This percentage represents the ratio between the final sale price and the initial listing price. A higher percentage suggests that homes are selling closer to their original list price, indicating strong demand and potentially limited room for negotiation. Sellers can be encouraged by this high percentage, as it implies that they are more likely to receive offers close to their asking price.
Finally, we have the Median Sold Price, which currently stands at $345,000. This metric provides an overview of the middle price point for all homes that have recently sold in the market. Both buyers and sellers can use this information as a benchmark to understand the general price range they can expect to encounter. It’s important to note that this is the median price, so there will be homes both above and below this figure.
In conclusion, these real estate metrics demonstrate a market that is experiencing a healthy level of activity. With a relatively low supply of inventory, sellers may find themselves in a favorable position, while buyers can benefit from an increased level of options. The quick turnaround time for homes on the market and the high list to sold price percentage further emphasize the competitiveness of this market. As always, it’s crucial to consult with a knowledgeable real estate professional to gain a comprehensive understanding of the local market dynamics and make informed decisions.
Thank you for your attention, and best of luck in your real estate endeavors!
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
