Hi Friends, as a real estate professional, it is important to understand the correlation between various metrics in order to provide valuable insights to both buyers and sellers.
The Months Supply of Inventory is a key indicator of the balance between supply and demand in the housing market. In this case, the current Months Supply of Inventory is 2.22, which indicates a relatively low level of inventory compared to the demand for homes.
The 12-Month Change in Months of Inventory shows a significant increase of +14.43%, suggesting that the market is becoming more balanced as inventory levels are rising. This increase could be due to an increase in new listings or a decrease in demand from buyers.
The Median Days Homes are On the Market is 13, which is a relatively short amount of time. This indicates that homes are selling quickly in this market, likely due to high demand and low inventory levels.
The List to Sold Price Percentage of 96.3% suggests that homes are selling close to their list price, indicating a strong seller’s market. Sellers are able to command prices close to their asking price, which is good news for those looking to sell their home.
Finally, the Median Sold Price of $505,000 is a key metric for both buyers and sellers. This shows the typical price at which homes are selling in the market. Buyers can use this information to determine if they are getting a good deal, while sellers can use it to set an appropriate listing price for their home.
Overall, these metrics paint a picture of a fast-paced market with limited inventory and strong demand from buyers. Sellers may be able to sell their homes quickly and for a good price, while buyers should be prepared to act fast and potentially pay close to the asking price. It is important for both buyers and sellers to work with a knowledgeable real estate professional to navigate this competitive market successfully.
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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