Hello friends, thank you for joining us today as we delve into the fascinating world of real estate metrics. Whether you’re a buyer or a seller, understanding these metrics is crucial for making informed decisions in the housing market. So, let’s jump right in and explore the correlations between some key real estate metrics.
Firstly, let’s take a look at the “Months Supply of Inventory,” which currently stands at 2.86. This metric represents the number of months it would take to sell all the homes on the market if no new listings were added. A lower number indicates a seller’s market, where demand exceeds supply, and homes tend to sell quickly. In this case, with 2.86 months of supply, we can infer that the market is relatively competitive, but not excessively so.
Next, we have the “12-Month Change in Months of Inventory,” showing a positive change of 2.14%. This indicates an increase in the number of months it would take to sell all the homes compared to the previous year. While this might suggest a slight shift towards a more balanced market, it’s important to note that the change is relatively small. Buyers and sellers should keep an eye on this metric as it could signal potential shifts in market dynamics.
Moving on, we encounter the “Median Days Homes are On the Market,” which currently stands at 27. This metric measures the average number of days it takes for a home to sell after being listed. With a relatively low number like 27, we can infer that the market is quite active, and homes are selling relatively quickly. Sellers should take advantage of this favorable condition, while buyers need to act swiftly when they find a property that meets their criteria.
Now, let’s explore the “List to Sold Price Percentage,” which is currently at an impressive 98%. This metric represents the percentage of the listing price at which homes are ultimately sold. A high percentage like 98% indicates that buyers are willing to pay close to the asking price, which is good news for sellers. However, buyers should be prepared to make competitive offers to secure their desired property.
Finally, we arrive at the “Median Sold Price,” which stands at $324,950. This metric represents the middle point of all the sold prices in the market. At $324,950, we can infer that the market is experiencing respectable price levels. Sellers should be pleased with this figure, while buyers may need to carefully consider their budget and negotiate accordingly.
In summary, these real estate metrics provide valuable insights for both buyers and sellers. With a low “Months Supply of Inventory” and a high “List to Sold Price Percentage,” sellers can expect a favorable market where homes sell relatively quickly and close to the asking price. Meanwhile, buyers should be prepared for an active market with a relatively short “Median Days Homes are On the Market” and carefully consider their budget due to the respectable “Median Sold Price.”
Thank you for joining us today, and we hope this analysis has given you a clearer understanding of the correlations between these real estate metrics. Remember, staying informed is key to making successful real estate transactions.
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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