Hi Friends, today I would like to discuss some important real estate metrics that both buyers and sellers should be aware of. These metrics provide valuable insights into the current state of the housing market and can help you make informed decisions.
Let’s start by examining the Months Supply of Inventory, which is currently at 2.44. This metric represents the number of months it would take to sell all the available homes on the market if no new listings were added. A lower value indicates a seller’s market, where demand exceeds supply. With a Months Supply of Inventory of 2.44, we can conclude that the market is currently favoring sellers, as there is limited housing inventory.
Moving on, we have the 12-Month Change in Months of Inventory, which stands at +4.72%. This metric shows the percentage change in the Months Supply of Inventory compared to the previous year. A positive value indicates an increase in housing inventory, potentially favoring buyers. In this case, we can observe a modest increase in inventory, suggesting a slight shift towards a more balanced market.
Now, let’s shift our attention to the Median Days Homes are On the Market, which is 32. This metric represents the average number of days it takes for a home to sell once it is listed. A lower value indicates a faster-paced market, where homes are selling quickly. With a median of 32 days, we can conclude that homes are selling relatively quickly, reflecting strong buyer demand.
Next, we have the List to Sold Price Percentage, which stands at 96.6%. This metric shows the percentage of the listing price that homes are actually sold for. A higher value indicates that homes are selling close to or even above their asking prices. With a percentage of 96.6%, we can conclude that sellers are achieving a high percentage of their desired listing price, indicating a competitive market and potentially multiple offers on properties.
Lastly, let’s discuss the Median Sold Price, which is currently at $380,000. This metric represents the middle point of all the sold prices within a given period. A higher value indicates a strong market with increasing prices. With a median sold price of $380,000, we can infer that the market is performing well, and home prices are relatively high.
In summary, these real estate metrics provide a comprehensive view of the current market conditions. With a Months Supply of Inventory of 2.44 and a positive 12-Month Change in Months of Inventory, sellers still have the advantage. Additionally, the Median Days Homes are On the Market of 32 suggests a fast-paced market, while the List to Sold Price Percentage of 96.6% indicates a competitive environment. Lastly, the Median Sold Price of $380,000 reflects a strong market with increasing prices.
Whether you are a buyer or a seller, it is crucial to understand these metrics and use them as a guide when making real estate decisions. By staying informed, you can position yourself for success 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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