As an experienced real estate professional, I am here to break down the correlation between the key metrics in today’s market for both buyers and sellers.
First, let’s start with the Months Supply of Inventory which currently stands at 4.19. This metric indicates the number of months it would take to sell all the homes on the market at the current sales pace. A lower number typically signifies a seller’s market, while a higher number indicates a buyer’s market.
Next, we see that the 12-Month Change in Months of Inventory has increased by +153.94%. This significant increase suggests that the market may be shifting towards a buyer’s market, as inventory levels are rising at a faster rate than sales. This could potentially lead to more options for buyers and increased negotiating power.
The Median Days Homes are On the Market, at 71 days, shows us that homes are selling relatively quickly. This could be attributed to the strong demand for housing in the current market.
The List to Sold Price Percentage of 97.4% indicates that homes are typically selling very close to their listing price. This suggests that sellers are pricing their homes accurately and buyers are willing to pay close to the asking price.
Lastly, the Median Sold Price of $610,000 reflects the average price at which homes are selling in the market. This can be a useful benchmark for both buyers and sellers to gauge the overall affordability and value of properties in the area.
Overall, these metrics paint a picture of a balanced market with good opportunities for both buyers and sellers. Buyers may have more options to choose from, while sellers can expect their homes to sell relatively quickly and close to their asking price. As always, it’s important to consult with a real estate professional to navigate the market effectively and make informed decisions.
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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