Hi Friends, Tonight, we have some intriguing real estate metrics to discuss that will give you a better understanding of the current market conditions. So, let’s dive right in!
Firstly, let’s talk about the “Months Supply of Inventory,” which stands at 2.6. This metric indicates the number of months it would take to sell all the available homes on the market if no new listings were added. A lower number suggests a seller’s market, where demand exceeds supply, leading to potentially higher prices and quicker sales.
Now, let’s zoom in on the “12-Month Change in Months of Inventory,” which shows an impressive increase of +26.21%. This substantial rise means that compared to the same time last year, there are considerably more homes available for sale. For buyers, this could mean increased options and potentially more negotiating power.
Next up, we have the “Median Days Homes are On the Market,” which is currently at 27. This metric reveals the average number of days it takes for a home to go under contract. With a relatively low number like 27, it suggests a fast-paced market where homes are selling swiftly. For sellers, this is undoubtedly good news as it signifies a high demand for properties.
Moving on, let’s explore the “List to Sold Price Percentage,” which sits comfortably at 98%. This metric represents the percentage of the original listing price that a home ultimately sells for. With a high percentage like 98%, it indicates that sellers are typically receiving offers very close to their asking price. For buyers, this means that they may need to be prepared to make competitive offers in order to secure their desired property.
Lastly, let’s consider the “Median Sold Price,” which currently stands at $386,975. This metric represents the midpoint value of all the homes sold recently. It provides a useful benchmark for both buyers and sellers to gauge the market’s overall pricing trends. For sellers, a higher median sold price implies potential for a good return on their investment. Meanwhile, buyers can use this information to assess whether the market aligns with their budget.
In summary, we have discussed several key real estate metrics that shed light on the current market conditions. The low “Months Supply of Inventory” and the high “Median Days Homes are On the Market” indicate a seller’s market with quick sales. The significant increase in the “12-Month Change in Months of Inventory” suggests more options for buyers. The “List to Sold Price Percentage” reveals that sellers are receiving offers close to their asking price. Finally, the “Median Sold Price” gives us a snapshot of the market’s pricing trends.
Remember, these metrics should be considered alongside other factors, such as location and property type, to get a comprehensive understanding of your local real estate market. Whether you’re buying or selling, staying informed about these metrics will empower you to make well-informed decisions.
Thank you for joining us tonight, Buyers and Sellers. We hope this analysis has provided valuable insights into the real estate market. Happy buying or selling!
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.
Download our FREEBIES here!
The Ultimate Home Buyer’s Guide
The Ultimate Home Seller’s Guide
Find us on YouTube!
#jenniferyoingcorealtor #jenniferyoingco #JenniferYoingcoTexas #houstonsuburb #houstonsuburbs #houstonsuburbgroup #texasrelocationexperts #HoustonRelocationExpert #HoustonRelocationSpecialist #NurseRelocationExpert #NurseRelocationSpecialist #newhomeconstruction #thehighlands #ravennahomes #ravennahomesforsale #ravennahomesrealtor #ravennahomesrealestateagent #springtexas #tomballtexas #livinginhoustontexas #livinginhouston #thewoodlandstexas #conroetexas #montgomerytexas #cypresstexas #newcaneytexas #portertexas #katytexas #pearlandtexas #richmondtexas #fulsheartexas #sugarlandtexas #houstontexas #magnoliatexas #hockleytexas #pinehursttexas #jerseyvillagetexas #humbletexas
