As a real estate professional, it is essential to analyze and understand various metrics to provide valuable insights to both buyers and sellers in the market. Let’s delve into the correlation between these key real estate metrics to gain a better understanding of the current market conditions.
The Months Supply of Inventory is a crucial metric that indicates the balance between supply and demand in the real estate market. With a Months Supply of Inventory at 7.55, it suggests that there is a moderate level of inventory available for buyers to choose from.
The 12-Month Change in Months of Inventory has increased by +41.12%, indicating a significant shift in market conditions over the past year. This increase in inventory could potentially lead to more options for buyers and potentially impact pricing.
The Median Days Homes are On the Market is 83 days, suggesting that properties are taking a bit longer to sell compared to a faster-paced market. This could be attributed to the increased inventory levels and potentially more competition among sellers.
The List to Sold Price Percentage is at 98%, indicating that homes are generally selling close to their list price. This is a positive sign for sellers as it shows that there is strong demand in the market and buyers are willing to pay close to the asking price for properties.
Lastly, the Median Sold Price is $599,950, providing insight into the average price at which homes are selling in the market. This information is valuable for both buyers and sellers as it gives a clear indication of the current pricing trends.
Overall, these metrics paint a picture of a real estate market that is experiencing some shifts in inventory levels and pricing. Buyers may have more options to choose from, while sellers can expect properties to sell close to their list price. It is crucial for both buyers and sellers to stay informed and work with a knowledgeable real estate professional to navigate these market conditions 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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