Hi friends, today we have gathered here to discuss the correlation between several crucial real estate metrics that are of utmost importance to both buyers and sellers. By analyzing these metrics, we aim to provide you with valuable insights that will help you make informed decisions in this dynamic market.
Let us begin with the first metric, the Months Supply of Inventory, which currently stands at 4.24. This metric represents the number of months it would take to sell all the existing homes on the market if no new properties were listed. A lower supply of inventory indicates a seller’s market, where there are fewer homes available for sale compared to the number of interested buyers. Conversely, a higher supply of inventory suggests a buyer’s market, with more options for buyers to choose from.
Now, let’s move on to the 12-Month Change in Months of Inventory, which shows a significant increase of 23.62%. This change indicates a shift towards a buyer’s market as the supply of homes has increased over the past year. This trend might imply that buyers now have more negotiating power and a wider range of options available to them.
Moving forward, we come to the Median Days Homes are On the Market, which currently stands at an impressive 5 days. This metric signifies the average number of days it takes for a property to sell. A lower median indicates a fast-paced market, where properties are in high demand and tend to sell quickly. Sellers can take advantage of this situation by pricing their homes competitively, as buyers are eager to make offers and secure a property swiftly.
Next, we have the List to Sold Price Percentage, which stands at a commendable 98.5%. This metric highlights the average percentage at which a home’s final sale price compares to its initial listing price. A higher percentage suggests that properties are selling close to their asking prices, indicating a robust market with motivated buyers. Sellers can be confident in their pricing strategies, knowing that they have a good chance of receiving offers close to their desired amount.
Lastly, we come to the Median Sold Price, which currently stands at $337,000. This metric represents the middle point of all the sold prices in a given period. It serves as a benchmark for both buyers and sellers to understand the general price range of properties in the market. Buyers can use this information to assess whether a particular property falls within their budget, while sellers can determine a competitive listing price based on the market’s average.
In conclusion, these real estate metrics provide valuable insights into the current market conditions. The increase in the Months Supply of Inventory indicates a shift towards a buyer’s market, while the Median Days Homes are On the Market and List to Sold Price Percentage suggest a fast-paced market with motivated buyers. The Median Sold Price provides a benchmark for both buyers and sellers to understand the general price range of properties. Armed with this knowledge, both buyers and sellers can make informed decisions that align with their goals.
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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