As a real estate professional, it is important to understand the correlation between different metrics to provide valuable insights to both buyers and sellers.
The Months Supply of Inventory, which currently stands at 7.56, indicates the number of months it would take to sell all the homes on the market at the current rate of sales. A higher number suggests a buyer’s market, while a lower number indicates a seller’s market.
The 12-Month Change in Months of Inventory, which has increased by +31.02%, shows a trend towards more inventory available on the market compared to the previous year. This could suggest a shift towards a buyer’s market or a slowdown in sales activity.
The Median Days Homes are On the Market, at 43 days, indicates the average amount of time it takes for a home to sell. A lower number suggests a faster-moving market, while a higher number may indicate homes are sitting on the market longer.
The List to Sold Price Percentage, currently at 96.8%, shows the average percentage of the listing price that homes are selling for. A higher percentage indicates sellers are receiving close to their asking price.
Lastly, the Median Sold Price of $567,500 provides insight into the average price at which homes are selling in the market. This information is crucial for both buyers and sellers to understand the current market value of properties.
Overall, these metrics paint a picture of the current real estate market, showing a moderate supply of inventory, a trend towards more inventory compared to the previous year, relatively quick sales, homes selling close to their listing price, and a median sold price of $567,500. Buyers and sellers can use this information to make informed decisions in their real estate transactions.
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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