Hi Friends, as buyers and sellers in the real estate market, it is crucial to understand the various metrics that can provide valuable insights into the current state of the market. Today, we will be discussing four key real estate metrics and exploring their correlation to help you make informed decisions. So, let’s dive in!
Firstly, let’s talk about the “Months Supply of Inventory,” which currently stands at 2.33. 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 exceeds supply, leading to potentially higher prices and quicker sales.
Now, let’s look at the “12-Month Change in Months of Inventory,” which shows a staggering decline of -61.93%. This significant decrease indicates a tightening market where the number of available homes for sale has decreased rapidly over the past year. Such a decline in inventory suggests increased competition among buyers, potentially driving up prices.
Moving on, we have the “Median Days Homes are On the Market,” which currently stands at 67. This metric reveals how long it takes, on average, for a home to sell from the day it is listed. A lower number suggests a faster-moving market, indicating high buyer demand and potentially multiple offers on properties. For sellers, this means that their homes are selling relatively quickly.
Next up is the “List to Sold Price Percentage,” which currently sits at 95.5%. 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. This figure highlights the strong negotiating power of sellers in the current market, while buyers may need to be prepared to make competitive offers.
Lastly, let’s discuss the “Median Sold Price,” which currently stands at $442,060. This metric represents the middle point of all the sold prices over a specific period. It gives an idea of the overall market value and price trends. Higher median sold prices indicate a robust market with increasing values, while lower prices could suggest a more affordable market for buyers.
Now that we have explored these real estate metrics, it is evident that the market is currently characterized by a low supply of inventory, high demand, and rising prices. Sellers have the advantage of selling their homes quickly and potentially receiving offers close to their asking prices. For buyers, it means being prepared for stiff competition and the possibility of paying a premium.
In conclusion, understanding these real estate metrics can provide valuable insights for both buyers and sellers. By keeping an eye on the months supply of inventory, the change in inventory over time, days on the market, list to sold price percentage, and median sold price, you can make more 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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