As a real estate professional, it is important to understand the correlation between various metrics in the market to provide valuable insights to both buyers and sellers.
The Months Supply of Inventory, which currently stands at 3.03, indicates the number of months it would take to sell all the homes on the market at the current pace of sales. A lower supply typically indicates a seller’s market, where demand exceeds supply, leading to potentially higher prices.
The 12-Month Change in Months of Inventory, which has increased by +61.17%, suggests a shift in the market towards more inventory becoming available. This could be due to a decrease in demand or an increase in the number of listings, potentially leading to more competitive pricing and longer days on the market.
The Median Days Homes are On the Market, currently at 20 days, reflects the average time it takes for a home to sell. A lower number indicates a faster-moving market, where homes are in high demand and may sell quickly.
The List to Sold Price Percentage, at 97.5%, reveals that homes are typically selling very close to their list price. This suggests a market where sellers are pricing their homes accurately and buyers are willing to pay close to the asking price.
Finally, the Median Sold Price of $400,000 gives an indication of the average price at which homes are selling in the market. This can help both buyers and sellers understand the current pricing trends and make informed decisions.
Overall, these metrics paint a picture of a market with moderate inventory, homes selling relatively quickly, and prices close to the list price. Buyers may find opportunities for competitive pricing, while sellers can benefit from pricing their homes accurately to attract motivated buyers.
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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