As a potential buyer or seller in the real estate market, it is important to understand the correlation between various metrics to make informed decisions.
The Months Supply of Inventory is a key indicator of the balance between supply and demand in the housing market. With a current value of 3.23 months, this suggests that there is a relatively low inventory of homes available for sale compared to the level of demand.
The 12-Month Change in Months of Inventory, which has increased by 9.86%, indicates a trend towards a slightly higher level of inventory compared to the previous year. This could suggest a shift towards a more balanced market, with potentially more options for buyers.
The Median Days Homes are On the Market, at 23 days, reflects the speed at which homes are selling in the current market conditions. A lower number of days on the market typically indicates a strong demand for homes and a competitive market for sellers.
The List to Sold Price Percentage of 98% indicates that homes are generally selling close to their list price, which could be a positive sign for sellers in terms of getting a good return on their investment.
Lastly, the Median Sold Price of $427,500 provides insight into the average price at which homes are selling in the market. This can be a helpful benchmark for both buyers and sellers to understand the overall pricing trends in the area.
Overall, these metrics suggest a market with relatively low inventory, strong demand, and competitive pricing. Buyers may need to act quickly and be prepared to make competitive offers, while sellers could potentially benefit from a market where homes are selling close to their list price. It is crucial for both buyers and sellers to stay informed about these metrics to navigate the real estate market effectively.
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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