As a real estate professional, it is important to understand the correlation between various metrics in order to provide accurate information to buyers and sellers.
The Months Supply of Inventory being at 5.4 indicates that it would take approximately 5.4 months to sell all the current listings on the market, assuming no new listings are added. This number is considered to be balanced, with neither a buyer’s nor a seller’s market dominance.
The 12-Month Change in Months of Inventory increasing by 25% suggests that the market has become slightly more saturated with listings compared to the previous year. This could potentially lead to more competition among sellers and possibly a slight decrease in median sold prices.
The Median Days Homes are On the Market being 75 days shows that homes are taking a little over two months to sell on average. This could indicate that the market is moving at a moderate pace, with neither rapid sales nor extended listing periods.
The List to Sold Price Percentage of 97% signifies that, on average, homes are selling for 97% of their listing price. This shows that sellers are generally pricing their homes close to market value, and buyers are willing to pay close to the asking price.
Lastly, the Median Sold Price of $489,900 provides insight into the average selling price of homes in the current market. This can be a useful benchmark for both buyers and sellers to understand the value of properties in the area.
In conclusion, these metrics collectively paint a picture of a balanced real estate market with moderate inventory levels, reasonable pricing, and steady sales activity. Buyers and sellers can use this information to make informed decisions and navigate the current market conditions effectively.
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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