Hi Friends, today we will be exploring the correlation between various real estate metrics that are of utmost importance to both buyers and sellers. By delving into these figures, we aim to provide you with a comprehensive analysis that not only informs but also engages and captivates your attention.
Let us begin by examining the “Months Supply of Inventory,” which currently stands at 1.5. This metric represents the number of months it would take to sell all the available homes on the market if no new listings were added. A lower number indicates a seller’s market, where demand outpaces supply. In this case, with a value of 1.5, we can confidently say that the market is favoring sellers, as the inventory is relatively limited compared to the level of demand.
Moving on to the “12-Month Change in Months of Inventory,” we observe a positive change of 1.35%. This percentage indicates how the supply of homes has changed over the past year. A positive change suggests an increase in inventory, which can potentially shift the market from a seller’s market to a more balanced or buyer’s market. However, it is essential to note that the increase is relatively small, implying that the market remains relatively stable and favorable for sellers.
Now let us turn our attention to the “Median Days Homes are On the Market,” which currently stands at 23. This metric measures the average number of days a property remains listed before it is sold. A lower number suggests a higher demand and a faster-paced market. With only 23 days, we can conclude that properties are selling relatively quickly, further indicating the strong demand and competitive nature of the market.
Next, we have the “List to Sold Price Percentage,” which is currently at 97.2%. This metric represents the percentage of the original listing price that a property ultimately sells for. A higher percentage indicates that sellers are receiving offers close to their asking price. In this case, with a percentage of 97.2%, sellers can be assured that their properties are fetching prices very close to their initial listing prices.
Lastly, we come to the “Median Sold Price,” which currently stands at $365,000. This figure denotes the midpoint of all the prices at which properties have been sold. It gives us a glimpse into the overall value of homes in the market. At $365,000, we can infer that the market has relatively high-value properties, attracting buyers who are willing to invest in quality homes.
In conclusion, these real estate metrics provide valuable insights into the current market conditions. With a low supply of inventory, a positive change in inventory levels, quick sale times, high list to sold price percentages, and a median sold price of $365,000, it is evident that the market is favorable for sellers. At the same time, buyers should be prepared for a competitive environment and potentially higher prices. We hope that this analysis has not only informed you but also kept you engaged and interested in the dynamic real estate landscape.
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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