Hi Friends, thank you for joining me today as we delve into the fascinating world of real estate metrics. For those of you who are buyers or sellers, this analysis will provide valuable insights into the current state of the market.
Let’s begin by examining the first metric – the Months Supply of Inventory. Currently, this metric stands at 2.4. To put it simply, this figure represents the number of months it would take to sell all the available homes on the market if no new properties were listed. A lower number indicates a seller’s market, where demand exceeds supply, leading to potentially higher prices and faster sales.
Now, let’s move on to the 12-Month Change in Months of Inventory, which shows an impressive increase of +37.93%. This metric measures the percentage change in the number of months it takes to sell all available homes compared to the previous year. Such a significant positive change suggests a shift towards a more balanced market, where supply is increasing relative to demand. Buyers might find this trend encouraging as it could potentially lead to more choices and less competition.
Next, we have the Median Days Homes are On the Market, which stands at a remarkable 23 days. This statistic reveals the average number of days it takes for a home to sell from the time it is listed until it goes under contract. A lower number indicates a faster-paced market where buyers need to act swiftly to secure their desired property. Sellers, on the other hand, can benefit from the shorter marketing time, potentially reducing stress and expenses.
Moving on, we come to the List to Sold Price Percentage, which currently sits at 97.6%. This metric represents the average percentage of the original listing price that homes sell for. A higher percentage suggests that sellers are achieving close to their asking price, indicating a strong market with motivated buyers. Buyers should be aware that negotiating room may be limited, while sellers can take confidence in the market’s ability to support higher prices.
Lastly, we have the Median Sold Price, which stands at a respectable $300,000. This figure represents the middle point of all the sold prices in a given period, providing a snapshot of the market’s overall pricing trend. While it’s important to note that this is just the median, buyers and sellers can use this information as a reference point when considering their own transactions.
In conclusion, these real estate metrics shed light on the current market conditions for both buyers and sellers. With a low Months Supply of Inventory, a positive change in inventory, and a relatively short time on the market, buyers may face competitive conditions. However, sellers can take advantage of the high List to Sold Price Percentage and the respectable Median Sold Price.
Remember, these metrics are just a snapshot of the market at a specific point in time, and local factors can influence these figures. It’s always advisable to consult with a real estate professional who can provide personalized guidance based on your specific needs.
Thank you for your attention, and may your real estate journey be filled with success and satisfaction.
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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