As a real estate professional, it is important to understand the correlation between key metrics in the housing market to provide valuable insight to buyers and sellers.
The Months Supply of Inventory, which currently stands at 4.23, indicates the number of months it would take to sell all the homes on the market at the current pace of sales. A lower number typically signifies a seller’s market, while a higher number suggests a buyer’s market.
The 12-Month Change in Months of Inventory, showing a significant increase of +22.25%, points towards a shift in the market dynamics. This could mean that inventory levels are rising, potentially leading to more options for buyers and possibly a more competitive market for sellers.
The Median Days Homes are On the Market, at 23 days, indicates the average amount of time it takes for a home to sell. A lower number suggests a fast-moving market, while a higher number may indicate homes are taking longer to sell.
The List to Sold Price Percentage of 97.9% showcases the average percentage of the listing price that homes are selling for. A higher percentage typically indicates a strong seller’s market, while a lower percentage could suggest negotiation room for buyers.
Lastly, the Median Sold Price of $378,220 gives an idea of the average price at which homes are selling in the market. This metric is important for both buyers and sellers as it helps set realistic expectations for pricing and negotiations.
Overall, understanding the correlation between these metrics can provide valuable insights for buyers and sellers in navigating the current real estate market. Whether you are looking to buy or sell, it is important to consider these factors to make informed decisions and achieve your real estate goals.
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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