As a real estate professional, it is important to understand the correlation between various metrics to provide valuable insights to both buyers and sellers in the market.
The Months Supply of Inventory, which currently stands at 3.46, indicates the number of months it would take to sell all the homes on the market based on the current pace of sales. A lower number suggests a seller’s market, while a higher number indicates a buyer’s market.
The 12-Month Change in Months of Inventory, which has increased by +67.96%, points towards a shift in the market dynamics. This significant increase could be attributed to various factors such as an increase in new listings or a decrease in buyer demand.
The Median Days Homes are On the Market, at 23 days, showcases the average time it takes for a home to sell. A lower number indicates a faster-moving market, while a higher number suggests homes are staying on the market for longer periods.
The List to Sold Price Percentage, currently at 97.5%, reveals the average percentage of the listing price that homes are selling for. A higher percentage suggests that homes are selling close to their asking price, indicating a strong market for sellers.
Lastly, the Median Sold Price of $331,250 provides buyers and sellers with an idea of the average price at which homes are selling in the market. This information can help buyers make informed decisions on their purchasing power and assist sellers in pricing their homes competitively.
Overall, these metrics indicate a market that is experiencing some changes but remains relatively balanced. Buyers and sellers can use this information to navigate the market effectively and make informed decisions based on current trends and conditions.
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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