Hi Friends, as buyers and sellers in the real estate market, it is important to understand the correlation between various metrics in order to make informed decisions. Today, we will delve into the correlation between the following real estate metrics: Months Supply of Inventory, 12-Month Change in Months of Inventory, Median Days Homes are On the Market, List to Sold Price Percentage, and Median Sold Price.
Let’s begin with the Months Supply of Inventory, which currently stands at 2.53. 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, leading to potentially higher prices.
Now, let’s explore the 12-Month Change in Months of Inventory, which shows a significant increase of +28.43%. This indicates that there has been a notable shift in the market dynamics over the past year, with an increase in the number of homes available for sale. This could potentially favor buyers, as it suggests a higher supply of homes, leading to a more competitive market.
Moving on, the Median Days Homes are On the Market is currently at 22. This metric measures the average number of days it takes for homes to sell. A lower value indicates a faster-paced market, where properties are in high demand and tend to sell quickly. Buyers should be prepared for a potentially fast-paced and competitive environment, while sellers can expect a shorter wait time for their homes to be sold.
Next, we have the List to Sold Price Percentage, which currently stands at an impressive 98.2%. This metric represents the percentage at which homes are sold compared to their original list price. A higher percentage indicates that homes are selling close to or above their initial asking price. This suggests a strong market where buyers may need to be prepared to make competitive offers in order to secure a property.
Lastly, the Median Sold Price in this market is $385,000. This metric represents the midpoint of all the home prices sold in the area. It provides a glimpse into the overall price range of properties being sold. Buyers and sellers should take note of this figure to understand the average market value and make informed decisions regarding their own pricing strategies.
In summary, the correlation between these real estate metrics reveals a dynamic and evolving market. While the Months Supply of Inventory and 12-Month Change in Months of Inventory indicate a potential shift towards a more balanced market, the Median Days Homes are On the Market suggests a fast-paced environment where properties are in high demand. The List to Sold Price Percentage and Median Sold Price indicate a robust market where sellers may have an advantage, and buyers should be prepared to make competitive offers.
We hope this analysis has provided valuable insights for both buyers and sellers in navigating the current real estate landscape. Remember to always stay informed, consult with professionals, and make decisions that align with your specific goals and circumstances.
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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