Hi Friends, today we have some fascinating real estate metrics to discuss that will surely captivate both buyers and sellers. These metrics provide valuable insights into the current state of the market and can help guide your decision-making process.
Let’s begin with the “Months Supply of Inventory,” which currently stands at 2.1. 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 and quicker sales.
Now, let’s delve into the “12-Month Change in Months of Inventory,” which has shown a significant decline of -21.05%. This indicates a substantial decrease in the number of months it would take to sell all available homes compared to the previous year. Such a decline suggests a tightening market, with increased competition among buyers, potentially leading to higher prices.
Moving on, we have the “Median Days Homes are On the Market,” which currently stands at an astonishingly low figure of just 8 days. This indicates a fast-paced market where homes are being snatched up quickly. As a buyer, this means you need to act swiftly, while as a seller, you can expect a speedy transaction.
Now let’s discuss the “List to Sold Price Percentage,” which currently sits at an impressive 97.3%. This metric represents the average percentage of the listed price that sellers are receiving when their homes are sold. A higher percentage suggests that sellers are getting close to their asking price. This is great news for sellers, as it indicates strong demand and a market that is willing to pay a premium for well-priced properties.
Lastly, we have the “Median Sold Price,” which currently stands at $1,578,500. This metric represents the midpoint of all the sold prices in the market. It gives us an idea of the overall price range and market value. For buyers, this information can help you gauge the affordability of homes in the area, while for sellers, it showcases the potential value of your property.
In summary, these real estate metrics highlight a market that is favorable to sellers, characterized by a limited supply of inventory, a significant decrease in the number of months it would take to sell homes, a rapid turnover of listings, high list to sold price percentage, and a healthy median sold price. Buyers can expect heightened competition, while sellers can anticipate attractive prices and quick sales.
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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