Hello friends, as buyers and sellers in the real estate market, it is crucial to be informed about the various metrics that can impact your decisions. Today, we will delve into the correlation between some key real estate metrics that will help you navigate this ever-changing landscape.
Let’s start by examining the months supply of inventory, which currently stands at 4.43. This metric represents the number of months it would take to sell the existing inventory of homes at the current sales pace. A lower number indicates a seller’s market, where demand exceeds supply, resulting in potentially higher prices.
Now, let’s analyze the 12-month change in months of inventory, which shows an increase of 10.75%. This means that the supply of homes has grown over the past year, allowing buyers more options to choose from. However, the increase also suggests that the market may be shifting towards a more balanced state, where supply and demand are more in equilibrium.
Moving on, the median days homes are on the market is 28. This metric provides insight into the average time it takes for a home to be sold. A lower number indicates a faster pace of sales, which can be advantageous for sellers looking to close deals quickly. However, as a buyer, it is essential to act swiftly and make competitive offers in order to secure your desired property.
Next, we have the list to sold price percentage, which currently stands at 95.1%. This metric represents the average percentage of the listing price that homes are ultimately sold for. A higher percentage signifies that sellers are typically receiving offers close to their asking price. As a seller, this suggests that pricing your property competitively is key to attracting potential buyers.
Lastly, let’s discuss the median sold price, which is $1,935,033. This figure represents the middle point of all the sold prices within a given time frame. It gives us a snapshot of the overall market value. As a buyer or seller, it is essential to understand the median sold price in your desired area, as it can help you gauge the market’s general pricing trends.
In conclusion, we have explored several real estate metrics that provide valuable insights for both buyers and sellers. By understanding the months supply of inventory, the 12-month change in months of inventory, the median days homes are on the market, the list to sold price percentage, and the median sold price, you can make more informed decisions in this dynamic market. Remember, knowledge is power, and being aware of these metrics is a vital step towards achieving your real estate goals.
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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