As a professional in the real estate industry, it is important to understand the correlation between various metrics in order to provide valuable insights to both buyers and sellers.
First, let’s look at the Months Supply of Inventory, which currently stands at 2.01. This metric indicates how long it would take for all the current homes on the market to be sold, given the current sales pace. A lower number, such as 2.01, suggests a seller’s market where demand is high and supply is limited.
The 12-Month Change in Months of Inventory is -15.9%, indicating a significant decrease in the amount of time it would take to sell all the homes on the market compared to the previous year. This suggests a trend of increasing demand and a shrinking inventory, which could lead to higher prices.
The Median Days Homes are On the Market is 33, indicating that homes are selling relatively quickly in this market. This is further supported by the List to Sold Price Percentage of 97.5%, showing that homes are typically selling close to their list price.
Finally, the Median Sold Price is $434,797, providing insight into the average price at which homes are selling in this market. The combination of low inventory, quick sales, and high list to sold price percentage suggests a competitive market with strong demand and potential for sellers to achieve favorable prices.
In conclusion, these metrics paint a picture of a market that is favorable for sellers due to low inventory, quick sales, and strong prices. Buyers should be prepared to act quickly and potentially offer close to or at the list price in order to secure a property in this competitive market.
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
