As a real estate professional, it is important to understand the correlation between key metrics in the market to make informed decisions.
The Months Supply of Inventory is a measure of how long it would take to sell all the current listings on the market at the current rate of sales. With a low Months Supply of Inventory of 3.54, it indicates a seller’s market where there is high demand for homes and limited supply.
The 12-Month Change in Months of Inventory increasing by +47.5% suggests a shift towards a more balanced market, with potentially more inventory becoming available. This could be a result of increased construction activity or more sellers entering the market.
The Median Days Homes are On the Market at just 5 days indicates that homes are selling quickly, further confirming the high demand in the market. This is good news for sellers looking to make a quick sale.
The List to Sold Price Percentage of 98.2% shows that homes are typically selling very close to their list price, indicating a strong seller’s position in negotiations. Buyers may need to be prepared to offer close to asking price to secure a property.
Lastly, the Median Sold Price of $438,400 gives an indication of the overall pricing trend in the market. With a high median price, sellers may be able to command strong offers for their properties.
Overall, these metrics paint a picture of a competitive real estate market with high demand and limited supply. Sellers may find it advantageous to list their homes now, while buyers may need to act quickly and be prepared to make strong offers. It’s important for both buyers and sellers to work with a knowledgeable agent who can navigate these market conditions effectively.
If you have any questions and need help with market trends and updates, reach out to Jennifer Yoingco, REALTORĀ®, 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 REALTORĀ®, she empathizes and understands the needs of her clients; therefore, you are in very good hands.
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