Hi Friends, today we will be exploring the correlation between several significant real estate metrics that can greatly impact both buyers and sellers in the market. These metrics provide valuable insights into the current state of the real estate market, helping individuals make informed decisions when buying or selling a property.
Let us begin by examining the “Months Supply of Inventory,” which currently stands at 2.03. This metric represents the number of months it would take to sell all the existing homes on the market if no new listings were added. A lower number indicates a seller’s market, where demand exceeds supply, while a higher number signifies a buyer’s market, where supply surpasses demand.
Now, let’s delve into the “12-Month Change in Months of Inventory,” which shows a significant increase of 26.09%. This demonstrates a shift towards a more balanced market, where supply is gradually catching up with demand. This increase in inventory can provide potential buyers with more options and reduce the pressure to make quick decisions.
Moving on, we have the “Median Days Homes are On the Market,” which currently stands at 28 days. This metric highlights the average number of days it takes for a home to sell once it is listed. A lower number indicates a faster-moving market, suggesting a high demand for properties. Conversely, a higher number suggests a slower market, where sellers may need to be patient to achieve their desired sale.
Next, we have the “List to Sold Price Percentage,” which currently sits at an impressive 98.1%. This metric measures the average percentage of the listing price that sellers ultimately receive when their property is sold. A higher percentage indicates that sellers are achieving close to their asking price, indicating a strong market where buyers are willing to meet the sellers’ expectations.
Finally, we arrive at the “Median Sold Price,” which currently stands at $299,000. This metric represents the middle point of all the sold prices in a given area. It provides potential buyers and sellers with a benchmark to understand the average price range of properties being sold. An increase in the median sold price over time suggests a growing market and can be an indicator of a healthy real estate sector.
In conclusion, these real estate metrics present a compelling picture for both buyers and sellers. The increase in the Months Supply of Inventory indicates a gradual shift towards a more balanced market. The Median Days Homes are On the Market, at just 28 days, suggests a strong demand for properties. The List to Sold Price Percentage of 98.1% indicates that sellers are achieving close to their asking price. Lastly, the Median Sold Price of $299,000 provides valuable insights into the average price range of properties being sold. Buyers and sellers can use these metrics to navigate the real estate market with confidence and make well-informed decisions.
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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