As a real estate professional, it is essential to understand the correlation between key metrics to provide valuable insights to both buyers and sellers in the market.
Starting with the Months Supply of Inventory, which currently stands at 5.46, this indicates the number of months it would take to sell all existing inventory at the current sales pace. A lower number typically signifies a seller’s market, while a higher number indicates a buyer’s market.
The 12-month change in Months of Inventory has increased by +32.2%, suggesting that inventory levels have risen compared to the previous year. This could potentially lead to more options for buyers but could also indicate a potential shift towards a buyer’s market.
The Median Days Homes are On the Market at 23 days reflects the average time it takes for a home to sell, indicating a relatively fast-moving market. This could be appealing to sellers looking for a quick sale but may require buyers to act swiftly when making purchasing decisions.
The List to Sold Price Percentage of 97.5% shows that homes are typically selling close to their listing price, indicating a strong market where sellers are getting close to their asking price. This could be advantageous for sellers looking to maximize their returns.
Lastly, the Median Sold Price of $2,300,000 provides insight into the average selling price of homes in the market. This information is valuable for both buyers and sellers to understand current market trends and pricing expectations.
Overall, the data suggests a relatively balanced real estate market with opportunities for both buyers and sellers. Buyers may benefit from increased inventory levels and relatively quick sales, while sellers could capitalize on strong list to sold price percentages. As always, it is crucial to consult with a real estate professional to navigate these metrics and make informed decisions in the current market.
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.
Download our FREEBIES here!
The Ultimate Home Buyer’s Guide
The Ultimate Home Seller’s Guide
Find us on YouTube!
#jenniferyoingcorealtor #jenniferyoingco #JenniferYoingcoTexas #houstonsuburb #houstonsuburbs #houstonsuburbgroup #texasrelocationexperts #HoustonRelocationExpert #HoustonRelocationSpecialist #NurseRelocationExpert #NurseRelocationSpecialist #newhomeconstruction #thehighlands #ravennahomes #ravennahomesforsale #ravennahomesrealtor #ravennahomesrealestateagent #springtexas #tomballtexas #livinginhoustontexas #livinginhouston #thewoodlandstexas #conroetexas #montgomerytexas #cypresstexas #newcaneytexas #portertexas #katytexas #pearlandtexas #richmondtexas #fulsheartexas #sugarlandtexas #houstontexas #magnoliatexas #hockleytexas #pinehursttexas #jerseyvillagetexas #humbletexas
