As a professional in the real estate industry, it is important to understand how various metrics can provide valuable insight into the current market conditions. Let’s take a closer look at the correlation between the following real estate metrics to help both buyers and sellers make informed decisions.
First, the Months Supply of Inventory is 3.43, indicating that there is a relatively low inventory of homes available for sale compared to the current level of demand. This can lead to a more competitive market for buyers and potentially higher sale prices for sellers.
The 12-Month Change in Months of Inventory is +40%, suggesting that the inventory of homes for sale has increased significantly over the past year. This could indicate a shift towards a more balanced market, providing buyers with more options and potentially lower prices.
The Median Days Homes are On the Market is 20, indicating that homes are selling relatively quickly in this market. This could be due to the low inventory levels and high demand, leading to a faster turnover of available properties.
The List to Sold Price Percentage is 97.3%, showing that homes are typically selling very close to their listing price. This can indicate a strong seller’s market where buyers may need to be prepared to make competitive offers to secure a property.
Finally, the Median Sold Price is $370,000, providing an average price point for homes in this market. This information can be useful for both buyers and sellers to understand the current value of properties in the area.
Overall, these metrics suggest a dynamic real estate market with low inventory levels, fast-selling properties, and strong seller demand. Buyers may need to act quickly and be prepared to make competitive offers, while sellers may benefit from the current market conditions with potential for higher sale prices. By understanding these correlations, both buyers and sellers can navigate the market with confidence and make well-informed decisions.
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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