As a real estate professional, it is important to understand the correlation between key metrics in the housing market to make informed decisions. Let’s take a closer look at the data provided:
The Months Supply of Inventory is currently at 4.13, indicating that it would take approximately 4.13 months to sell all the homes on the market if no new listings were added. This suggests a balanced market where supply and demand are relatively equal.
The 12-Month Change in Months of Inventory is +29.87%, showing an increase in the number of months it would take to sell all available homes compared to the previous year. This could be a sign of a shifting market towards a buyer’s market, where there is more inventory available.
The Median Days Homes are On the Market is 36, which is relatively low and indicates that homes are selling quickly in this market. This is good news for sellers looking to move their property efficiently.
The List to Sold Price Percentage is 97.3%, revealing that homes are selling close to their listing price. This suggests a strong demand for properties in this market and potentially multiple offer situations for sellers.
Lastly, the Median Sold Price is $324,900, giving buyers and sellers a benchmark for the average price of homes sold in this market.
Overall, the data suggests a market that is balanced but leaning towards a buyer’s market with increasing inventory. Homes are selling quickly and close to their listing price, providing opportunities for both buyers and sellers. It is important for buyers and sellers to stay informed about these metrics to make strategic decisions in the real estate market.
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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