The correlation between these real estate metrics paints a picture of a healthy and competitive market.
With a Months Supply of Inventory at 2.81, it indicates that there is a relatively low amount of available homes for sale compared to the current demand from buyers. This low inventory level typically leads to a faster pace of sales and can result in higher prices.
The 12-Month Change in Months of Inventory will give us insight into the trend of inventory levels over time. If this number is decreasing, it suggests that the market has been getting tighter and homes are selling at a faster rate.
The Median Days Homes are On the Market being only 13 days further confirms the high demand and low supply scenario in this market. Homes are selling quickly, which is advantageous for sellers looking to make a timely sale.
The List to Sold Price Percentage being at 99.2% indicates that homes are generally selling very close to their listing price. This shows that sellers are pricing their homes accurately and buyers are willing to pay close to the asking price in order to secure a property in this competitive market.
Finally, the Median Sold Price of $424,000 shows us the average price at which homes are selling. This is a useful benchmark for both buyers and sellers to understand the current market value of properties in the area.
Overall, these metrics suggest a market that is favorable for sellers due to low inventory levels, quick sales, and homes selling close to their listing prices. Buyers should be prepared to act fast and potentially pay close to asking price in order to secure a property in this competitive 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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