Hello friends, today, we will be exploring some key real estate metrics that are of great importance to both buyers and sellers. By analyzing this data, we hope to shed light on the current state of the market and provide valuable insights for your decision-making processes.
Firstly, let’s take a look at the “Months Supply of Inventory.” This metric measures the number of months it would take to sell off all the current inventory if no new listings were added. Currently, the Months Supply of Inventory stands at 2.06. This indicates a relatively low supply of homes on the market, suggesting a competitive environment for buyers.
Moving on to the “12-Month Change in Months of Inventory,” we observe a significant increase of 34.64%. This change signifies a notable shift in the supply and demand dynamics within the real estate market. The increase suggests that there has been a larger influx of properties entering the market compared to the rate at which they are being sold.
Now, let’s delve into the “Median Days Homes are On the Market.” This metric provides us with an understanding of the average number of days it takes for a property to be sold. Currently, the median stands at just 17 days. This figure showcases the high demand for properties, as homes are being sold relatively quickly. For sellers, this indicates a favorable market condition, as properties are not lingering on the market for extended periods.
Next, we have the “List to Sold Price Percentage.” This metric reveals the percentage difference between the original listing price and the final sold price. Currently, the List to Sold Price Percentage sits at an impressive 98.7%. This high percentage suggests that sellers are successfully achieving close to their desired asking price. Buyers should take note of this figure, as it implies that negotiating room may be limited.
Finally, let’s discuss the “Median Sold Price,” which stands at $308,500. This figure represents the middle point of all the sold prices in the market. It is essential for both buyers and sellers to be aware of this metric, as it provides a benchmark for pricing decisions. Buyers can use this information to determine whether a property falls within their budget, while sellers can assess the market value of their home.
In conclusion, these real estate metrics intertwine to paint a picture of the current market conditions. The Months Supply of Inventory and the 12-Month Change in Months of Inventory indicate a competitive market with an increasing supply. The Median Days Homes are On the Market showcases a fast-paced selling environment, while the List to Sold Price Percentage suggests limited negotiating room. Finally, the Median Sold Price provides a benchmark for buyers and sellers alike.
We hope that this analysis has provided valuable insights for both buyers and sellers. It is crucial to consider these metrics when making real estate decisions in order to navigate the market successfully. Good luck on your real estate journey!
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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