Hi Friends, today we will be discussing some key real estate metrics that are of great importance to both buyers and sellers in the market. By analyzing these metrics, we can gain valuable insights into the current state of the real estate market and make informed decisions.
First, let’s take a look at the “Months Supply of Inventory,” which stands at 2.29. This metric provides us with an indication of how long it would take for all the current inventory to be sold if no new listings were added. With a supply of 2.29 months, we can conclude that the market is favoring sellers, as there is a limited inventory available compared to the demand.
Moving on to the “12-Month Change in Months of Inventory,” we see a decline of 1.29%. This decrease indicates that the market has become more competitive in the past year, with inventory shrinking. For sellers, this means that there is less competition, potentially leading to higher prices. However, buyers may find it more challenging to find the property they desire due to the limited options.
Next, we have the “Median Days Homes are On the Market,” which stands at 27. This metric provides valuable insight into the speed of the market. With homes selling within 27 days, we can conclude that the market is currently quite active and homes are moving quickly. For sellers, this is great news as it demonstrates the demand for properties. Buyers, on the other hand, need to be prepared to act swiftly in order to secure their desired home.
Now let’s discuss the “List to Sold Price Percentage,” which is at 97.3%. This metric represents the percentage of the listing price that sellers are actually receiving when their property is sold. With a high percentage like 97.3%, sellers can feel confident that they are achieving a significant portion of their asking price. Buyers, however, should be aware that they may need to negotiate effectively to secure a favorable deal in this market.
Lastly, we come to the “Median Sold Price,” which currently stands at $391,625. This metric represents the middle point of all the sold prices in the market. It is important for both buyers and sellers to consider this figure when determining their pricing strategy. For sellers, this median sold price serves as a benchmark to ensure their listing is competitively priced. Buyers can use this information to gauge the market value of a property they are interested in.
In conclusion, these real estate metrics provide valuable insights into the current market conditions. With a low months supply of inventory, decreasing inventory levels, homes selling quickly, and a high list to sold price percentage, sellers can expect a favorable market. On the other hand, buyers should be prepared to act swiftly and negotiate effectively to secure their desired property. The median sold price offers a benchmark for both parties to determine fair pricing. Overall, understanding these metrics will empower buyers and sellers to make informed decisions in the 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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