Hi Friends, today we will delve into the fascinating world of real estate metrics, specifically focusing on a few key indicators that have a significant impact on both buyers and sellers. By analyzing these metrics, we aim to provide you with valuable insights that will help you make informed decisions in this dynamic market.
Firstly, let’s examine the “Months Supply of Inventory,” which currently stands at 2.24. This metric measures the number of months it would take to sell all the available homes in a given market if no new listings were added. A lower number indicates a seller’s market, where demand outstrips supply, potentially leading to higher prices and faster sales.
On that note, the “12-Month Change in Months of Inventory” is a noteworthy metric to consider, as it reflects the percentage increase or decrease in the supply of homes over the past year. In our case, we observe a significant increase of +10.34%. This change suggests that the real estate market has seen a greater influx of homes for sale, which may give buyers more options and potentially lead to a more balanced market.
Moving on, the “Median Days Homes are On the Market” measures the average number of days it takes for a property to sell. At present, this metric stands at a relatively low 29 days. A lower number implies a faster-paced market, where homes are in high demand and tend to sell quickly. For sellers, this metric indicates that their property has a good chance of attracting buyers swiftly.
Now let’s focus on the “List to Sold Price Percentage,” which currently sits at a commendable 97.3%. This metric represents the percentage of the original listing price that a home ultimately sells for. A higher percentage indicates that homes are selling close to their initial asking prices, highlighting a strong seller’s market where buyers are willing to pay a premium.
Lastly, we come to the “Median Sold Price,” which stands at a respectable $377,000. This metric reflects the middle point of all the sold prices in a given area, providing an insight into the overall price trend. A higher median sold price signifies a robust market with high property values, potentially benefiting sellers.
In conclusion, these real estate metrics offer valuable information to both buyers and sellers. The current low Months Supply of Inventory and Median Days Homes are On the Market indicate a seller’s market, suggesting that sellers may have an advantage in terms of pricing and speed of sale. However, the increase in Months of Inventory over the past year suggests a trend towards a more balanced market, providing buyers with more options and potentially negotiating power.
Furthermore, the List to Sold Price Percentage demonstrates that sellers are achieving a high percentage of their asking prices, while the Median Sold Price indicates a healthy market with solid property values. All in all, these metrics showcase a dynamic and evolving real estate market, providing valuable insights for buyers and sellers alike.
Thank you for joining us today, and we hope that this analysis has provided you with a deeper understanding of the correlation between these real estate metrics.
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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