Hi Friends. Today, we will be discussing some important real estate metrics that can provide valuable insights into the current market conditions. By analyzing this data, you will be better equipped to make informed decisions when it comes to buying or selling a property.
Let’s start by looking at the Months Supply of Inventory, which is currently at 1.37. This metric represents the number of months it would take to sell all the existing homes on the market if no new listings were added. A low supply of inventory indicates a seller’s market, where demand is high and competition among buyers is fierce. In this case, with a relatively low supply, sellers may have the upper hand in negotiations.
Now, let’s consider the 12-Month Change in Months of Inventory, which is showing a decrease of -0.72%. This indicates that the supply of homes on the market has been declining over the past year. A decreasing trend in the months of inventory suggests that demand is outpacing supply, which could lead to higher prices and more competition for buyers.
Moving on to the Median Days Homes are On the Market, we find that homes are typically taking 33 days to sell. This metric reveals the average amount of time it takes for a home to go under contract. A shorter time on the market suggests a strong demand for properties, and sellers can expect a quicker turnaround when listing their homes.
Next, let’s dive into the List to Sold Price Percentage, which stands at 96.2%. This metric represents the percentage of the original listing price that a home sells for. A higher percentage indicates that sellers are receiving offers close to their asking price. This can be an encouraging sign for sellers, as it suggests that buyers are willing to meet their price expectations.
Lastly, we have the Median Sold Price, which is currently at $354,500. This metric reflects the middle point of all the sold prices in a given area. It provides a snapshot of the current market value of properties. Buyers can use this information to gauge whether the median sold price aligns with their budget, while sellers can use it as a benchmark to price their homes competitively.
In summary, the real estate metrics we have discussed today demonstrate a market with a relatively low supply of inventory, strong demand, and a high percentage of list to sold price. Buyers may face increased competition, while sellers can expect quicker sales and potentially higher prices. However, it’s important to note that these metrics are subject to change over time, so it’s always wise to consult with a real estate professional for the most up-to-date information.
Thank you for tuning in, and we hope you found this analysis helpful 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.
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