As a professional in the real estate industry, it is important to understand the correlation between various metrics to make informed decisions when buying or selling a property.
The Months Supply of Inventory is a key indicator of market conditions, with the current supply standing at 3.36 months. This number represents the amount of time it would take for all current listings to be sold if no new listings were added. A lower supply typically indicates a seller’s market, while a higher supply indicates a buyer’s market.
The 12-Month Change in Months of Inventory has increased by +7.35%, indicating a shift towards a more balanced market or potentially a buyer’s market. This change suggests that there are more properties available for sale compared to the previous year.
The Median Days Homes are On the Market is 39, which is a relatively short amount of time for homes to be listed before being sold. This could be attributed to strong demand in the market or well-priced properties that are attracting buyers quickly.
The List to Sold Price Percentage is at 96.8%, indicating that homes are generally selling close to their listing price. This is a positive sign for sellers as it suggests that homes are being priced accurately and buyers are willing to pay close to the asking price.
Lastly, the Median Sold Price is $330,922, which gives an indication of the average price at which homes are being sold in the market. This information is valuable for both buyers and sellers to understand the current pricing trends in the area.
Overall, the correlation between these metrics suggests that there is a healthy level of demand in the market, with homes selling relatively quickly and close to their listing price. Buyers and sellers can use this information to make informed decisions when navigating the real estate 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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