Hi Friends, today we have gathered here to discuss some crucial real estate metrics that are of utmost importance to both buyers and sellers. These metrics will provide you with valuable insights into the current state of the housing market and help you make informed decisions. So, let’s dive right into it!
Firstly, let’s talk about the “Months Supply of Inventory,” which stands at 5.86. This metric represents the number of months it would take to sell the existing inventory of homes on the market, given the current sales pace. A lower number indicates a seller’s market, where demand exceeds supply, leading to potentially higher prices and quicker sales.
Now, let’s examine the “12-Month Change in Months of Inventory,” which shows a significant increase of +32.88%. This change indicates that the supply of homes on the market has increased over the past year. It may suggest a shifting market from a seller’s to a buyer’s market, giving buyers more options and potentially more negotiating power.
Moving on to the “Median Days Homes are On the Market,” we see that it is currently 55 days. This metric measures the average number of days it takes for a home to sell once it is listed. A lower number indicates a faster-paced market, where homes are in high demand, and buyers need to act swiftly. Conversely, a higher number might suggest a slower market, giving sellers more time to find the right buyer.
Next, we have the “List to Sold Price Percentage,” which stands at a strong 97.9%. This percentage represents the average ratio of the final sold price to the initial list price of the home. A higher percentage suggests that homes are generally selling close to, or even above, their initial asking prices. This figure indicates a competitive market where sellers have the upper hand.
Lastly, we come to the “Median Sold Price,” which currently stands at $387,500. This metric represents the middle point of all the sold prices within a given time frame. It provides a snapshot of the overall market value, with half of the homes selling above this price and half selling below it. This figure helps both buyers and sellers determine fair market value and make informed pricing decisions.
To sum it up, these real estate metrics provide valuable insights into the current market conditions. With a relatively low supply of inventory, an increase in available homes over the past year, a moderate median days on the market, a high list to sold price percentage, and a median sold price of $387,500, we can infer that the market favors sellers, but buyers still have opportunities to find their dream homes.
Whether you are a buyer or a seller, understanding these metrics will empower you to make strategic decisions. Buyers can use this information to gauge the level of competition they may face and tailor their offers accordingly, while sellers can leverage the favorable market conditions to maximize their selling potential.
Remember, knowledge is power in the real estate market, and arming yourself with these metrics will give you the upper hand. Good luck on your real estate journey, and may you find success in your endeavors!
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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