Hi Friends, as a potential buyer or seller in today’s real estate market, it is important to understand the correlation between key metrics that can impact your decision-making process.
The Months Supply of Inventory is a crucial metric that measures the balance between supply and demand in the market. A lower supply of inventory typically indicates a seller’s market, while a higher supply indicates a buyer’s market. With a Months Supply of Inventory at 2.67, this suggests that the market is currently leaning towards a seller’s market.
The 12-Month Change in Months of Inventory shows an increase of +28.37%, indicating that there has been a significant shift in market conditions over the past year. This could be due to various factors such as changes in buyer demand, new construction, or economic trends.
The Median Days Homes are On the Market is a key indicator of how quickly homes are selling in the current market. With homes spending an average of 29 days on the market, this suggests that properties are selling relatively quickly.
The List to Sold Price Percentage of 98.6% indicates that homes are typically selling very close to their listing price. This is a positive sign for sellers, as it shows that buyers are willing to pay close to asking price for properties.
Finally, the Median Sold Price of $301,000 gives us insight into the average price at which homes are selling in the current market. This can be a helpful benchmark for both buyers and sellers in determining the value of properties in a particular area.
Overall, these metrics paint a picture of a real estate market that is competitive, with homes selling quickly and at prices close to listing. As a buyer or seller, it is important to consider these factors when making decisions in today’s 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.
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