As a real estate professional, it is important to understand the correlation between various metrics in the market to provide valuable insights to both buyers and sellers.
Firstly, let’s discuss the Months Supply of Inventory, which currently stands at 3.28. This metric indicates the number of months it would take to sell all the homes on the market at the current pace of sales. A lower months supply of inventory suggests a seller’s market, where demand exceeds supply, leading to potentially higher prices.
The 12-Month Change in Months of Inventory is +13.1%, indicating an increase in the number of months it would take to sell all homes on the market compared to the previous year. This could signify a shift towards a more balanced market, with supply starting to outpace demand.
The Median Days Homes are On the Market is 19, which is relatively low. This suggests that homes are selling quickly, perhaps due to high demand or attractive pricing. Sellers can use this information to gauge how long their property might be on the market before finding a buyer.
The List to Sold Price Percentage is 98.1%, indicating that homes are typically selling close to their list price. This can be reassuring for sellers, knowing that they are likely to receive a competitive offer on their property.
Lastly, the Median Sold Price is $416,260, providing buyers and sellers with a benchmark for pricing in the market. This figure can help both parties determine fair market value for homes in the area.
In conclusion, the current market conditions show a balanced supply and demand, with homes selling quickly and close to their list price. Sellers can expect to receive competitive offers, while buyers may need to act fast to secure a property in this market. Understanding these metrics can help all parties make informed decisions when buying or selling real estate.
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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