As a professional in the real estate industry, it is important to understand the correlation between various metrics to make informed decisions as a buyer or seller. Let’s delve into the data provided to gain insights into the current market conditions.
Firstly, the Months Supply of Inventory stands at 3.41, indicating that there is a moderate level of inventory available in the market. This figure represents the number of months it would take to sell all the current listings if no new properties were added.
The 12-Month Change in Months of Inventory has increased by +36.95%, suggesting that the market may be experiencing a slight increase in inventory compared to the previous year. This could potentially mean more options for buyers to choose from.
The Median Days Homes are On the Market is 33, indicating that properties are selling relatively quickly. A lower number of days on the market typically signifies high demand and a competitive market.
The List to Sold Price Percentage is 91%, which indicates that homes are selling for approximately 91% of their listing price. This figure can give sellers an idea of how much negotiation room they may have when pricing their property.
Lastly, the Median Sold Price is $277,280, providing insight into the average selling price of homes in the current market. This figure can be used as a benchmark for both buyers and sellers to gauge the value of properties in the area.
Overall, these metrics paint a picture of a market with moderate inventory, properties selling relatively quickly, and homes selling close to their listing price. Buyers may have more options to choose from, while sellers may benefit from the competitive market conditions. Keeping an eye on these key metrics can help both buyers and sellers 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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