Hi Friends, today we are here to discuss some crucial real estate metrics that will undoubtedly pique the interest of both buyers and sellers. These metrics provide valuable insights into the market trends and can assist you in making informed decisions regarding your real estate transactions.
Let's begin by examining the Months Supply of Inventory, which currently stands at 5.9. This metric represents the number of months it would take to sell the current inventory of homes on the market, assuming no new listings are added. A lower number indicates a seller's market, where demand outweighs supply, leading to potentially higher prices and quicker sales.
Now, let's delve into the 12-Month Change in Months of Inventory, which has experienced a significant increase of 39.15%. This rise indicates a shift towards a buyer's market, where the number of homes available for sale is increasing. Buyers may find more options and potentially negotiate better deals in such a market.
Moving on, we have the Median Days Homes are On the Market, which currently stands at 41. This metric signifies the average number of days it takes for a home to sell from the day it is listed. A lower number suggests a fast-paced market, where properties are in high demand and tend to sell quickly. Conversely, a higher number may indicate a slower market, allowing buyers more time to explore their options and potentially negotiate prices.
Next, we have the List to Sold Price Percentage, which is currently at an impressive 98.3%. This metric represents the ratio of the final sold price to the initial listing price. A higher percentage indicates that homes are selling close to or at their asking price, demonstrating a strong market where sellers have more negotiating power.
Lastly, let's discuss the Median Sold Price, which currently stands at $510,000. This metric represents the middle point of all the sold prices in a given area, indicating the market's overall price range. Buyers can use this information to understand the price landscape and determine their budget, while sellers can assess the potential value of their property.
In conclusion, these real estate metrics provide valuable insights into the current market conditions. By understanding the correlation between them, buyers can gauge the level of competition and potential negotiating power, while sellers can determine appropriate pricing strategies. We hope this analysis has engaged and interested you, and we encourage you to use this data to make informed decisions in your real estate endeavors.
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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