Hello friends, welcome! Today, we will delve into the fascinating world of real estate metrics. Whether you are a buyer searching for your dream home or a seller looking to maximize your property’s value, understanding these metrics is crucial in making informed decisions. So, let’s dive right in!
First up, we have the Months Supply of Inventory, a key indicator of market conditions. Currently, the Months Supply of Inventory stands at 2.11. This means that, at the current rate of sales, it would take approximately 2.11 months to sell off all the available properties on the market. A lower number indicates a seller’s market, where demand outpaces supply, potentially leading to higher prices.
Now, let’s turn our attention to the 12-Month Change in Months of Inventory, which is an essential metric for tracking market trends. Over the past year, we have witnessed a significant increase of 41.61% in the Months of Inventory. This suggests that supply has outpaced demand, potentially creating a buyer’s market. Buyers may have more options to choose from and may even have some room for negotiation.
Next, we have the Median Days Homes are On the Market, a metric that measures the average time it takes for properties to sell. Currently, the median days homes are on the market is a mere 12 days. This indicates a fast-paced market where properties are being snatched up quickly. Sellers can take advantage of this by pricing their homes competitively and preparing for a potentially swift sale.
Moving on, we come to the List to Sold Price Percentage, which provides insight into the negotiating power of buyers and sellers. At 99.5%, this metric indicates that, on average, sellers are receiving very close to their asking price. Buyers may need to be diligent in their negotiations but can still find opportunities to strike a fair deal.
Lastly, we have the Median Sold Price, a metric that is of utmost importance to both buyers and sellers. Currently, the median sold price stands at $338,000. This figure represents the midpoint of all the sold properties in the market. Sellers can use this metric to gauge the potential value of their property, while buyers can use it as a reference point when considering their budget.
In summary, these real estate metrics showcase an interesting correlation. With a low Months Supply of Inventory and a swift Median Days Homes are On the Market, we are witnessing a competitive market where properties are in high demand. However, the significant increase in the 12-Month Change in Months of Inventory suggests a potential shift towards a buyer’s market. Despite this, sellers can take solace in the fact that they are receiving close to their asking price, with the Median Sold Price at a respectable $338,000.
Thank you for joining us today, and we hope this analysis has provided valuable insights into the current real estate landscape. Whether you are a buyer or a seller, understanding these metrics can undoubtedly guide you towards making informed decisions in this dynamic 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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