As a real estate professional, it is important to understand the correlation between various metrics to provide valuable insights to both buyers and sellers.
The Months Supply of Inventory metric is currently at 3.6, indicating a relatively low inventory of homes available on the market. This suggests a competitive market environment where buyers may face challenges in finding their desired properties.
The 12-Month Change in Months of Inventory showing a decrease of -12.62% further reinforces the tight housing market conditions. This decline in inventory over the past year suggests a trend of decreasing supply, potentially driving up prices due to increased competition among buyers.
With a Median Days Homes are On the Market of 32, sellers can expect their properties to sell relatively quickly in this market. This metric reflects the high demand for homes and the competitive nature of the market.
The List to Sold Price Percentage of 97.6% indicates that homes are selling very close to their listing prices. This suggests that sellers are pricing their homes competitively and that buyers are willing to pay close to the asking price in order to secure a property in this market.
Finally, the Median Sold Price of $452,250 gives buyers and sellers an idea of the average price of homes that are selling in the current market. This metric can be used as a benchmark for pricing strategies for sellers and as a reference point for buyers when making purchasing decisions.
In conclusion, the low inventory, decreasing supply, quick sales, high list to sold price percentage, and median sold price all point towards a competitive real estate market where both buyers and sellers need to be well-informed and prepared to navigate successfully.
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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