Hi 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 in making informed decisions and navigating the ever-changing market. So, let’s get started!
First, let’s discuss the Months Supply of Inventory, which currently stands at 3.2. This metric represents the number of months it would take to sell all the available homes in a particular market. In our case, this means that if no new listings were added, it would take approximately 3.2 months to exhaust the current inventory. A lower number suggests a seller’s market, where demand outpaces supply, potentially leading to increased competition and higher prices.
Now, let’s take a look at the 12-Month Change in Months of Inventory, which shows a decrease of 5.88%. This indicates that the supply of homes has tightened compared to the previous year. A declining percentage suggests a market where inventory is decreasing, which might be favorable for sellers as it can lead to increased demand and potentially higher prices.
Moving on, we have the Median Days Homes are On the Market, which stands at 49. This metric represents the average number of days it takes for a home to sell once it is listed on the market. A lower number suggests a faster-paced market, indicating high demand and potentially multiple offers on properties. For buyers, this means acting swiftly when a desirable home becomes available.
Next, we have the List to Sold Price Percentage, which currently sits at 95.8%. This metric compares the final sold price of a home to its original list price. A higher percentage indicates that homes are selling closer to their initial asking prices, suggesting a market where sellers have more negotiating power. For sellers, this metric can provide reassurance that their pricing strategy is effective, while buyers may need to be prepared to make competitive offers.
Finally, let’s discuss the Median Sold Price, which is currently at $283,550. This metric represents the middle point of all the sold prices in a particular market. It provides an estimate of the typical home value in the area. For sellers, this metric can help determine an appropriate listing price, while buyers can use it as a benchmark to gauge affordability and market trends.
In conclusion, these real estate metrics offer valuable insights for both buyers and sellers. The Months Supply of Inventory and the 12-Month Change in Months of Inventory indicate the current state and direction of the market. The Median Days Homes are On the Market and the List to Sold Price Percentage provide valuable information on market competitiveness and seller negotiation power. Lastly, the Median Sold Price offers an estimate of home values in the area. Armed with this knowledge, buyers and sellers can make informed decisions and navigate the real estate market with confidence.
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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