Hi Friends, today we will explore the correlation between various real estate metrics that can greatly benefit both buyers and sellers in the market. By delving into these numbers, we hope to provide you with a clear understanding of the current state of the real estate market and how it can impact your decision-making process.
Let's begin by examining the Months Supply of Inventory, which stands at 5.34. This metric represents the number of months it would take to sell all the current listings in the market, given the current sales pace. A months supply of inventory below 6 is generally considered a seller's market, indicating a scarcity of available properties. In this case, the figure of 5.34 suggests that there is a slight shortage of housing options, potentially driving up prices.
Next, we must consider the 12-Month Change in Months of Inventory, which shows an increase of 36.57%. This rise indicates a significant shift in the market dynamics over the past year. It suggests that the supply of homes has increased at a faster rate compared to the demand, potentially creating more options for buyers and placing some downward pressure on prices.
Moving on to the Median Days Homes are On the Market, we find that it currently sits at 32. This figure represents the average number of days it takes for a property to sell once it is listed. A lower median days on the market is generally indicative of high demand and a competitive market. Therefore, a median of 32 days suggests that properties are selling relatively quickly, creating a sense of urgency among buyers.
The List to Sold Price Percentage is another crucial metric to consider, and it currently stands at 97.7%. This figure represents the percentage of the listing price that sellers are receiving when their property is sold. A higher percentage indicates that sellers are achieving close to their asking price, which is a positive sign for them. Conversely, a lower percentage may suggest that buyers have more negotiating power. In this case, with a list to sold price percentage of 97.7%, sellers can be confident that they are receiving a substantial portion of their asking price.
Lastly, we have the Median Sold Price, which currently stands at $279,990. This figure represents the midpoint of all the home prices sold in a specific area within a given time period. The median sold price is a valuable benchmark for both buyers and sellers as it provides insight into the overall market value. In this case, the median sold price of $279,990 indicates the average price at which homes are being sold, giving buyers and sellers a reference point for their negotiations.
To summarize, we have explored several key real estate metrics that offer valuable insights into the market conditions. The 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 all provide crucial information for buyers and sellers to make informed decisions. By considering these metrics, you can better understand the current state of the real estate market and navigate it with confidence.
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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