As a professional in the real estate industry, it is important to understand the correlation between key metrics to make informed decisions when buying or selling a property.
First, let’s look at the Months Supply of Inventory, which currently stands at 3.24. This metric indicates how many months it would take to sell all the current inventory on the market at the current pace of sales. A lower number typically signifies a seller’s market, where demand exceeds supply.
The 12-Month Change in Months of Inventory has increased by 22.26%, indicating a slight shift towards a more balanced market. This could mean that supply is increasing, potentially giving buyers more options to choose from.
The Median Days Homes are On the Market is 23, which is relatively low and suggests that properties are selling quickly. This could be due to high demand or well-priced listings that are appealing to buyers.
The List to Sold Price Percentage is 93.2%, indicating that properties are generally selling close to their listing price. This could be a result of competitive pricing strategies or negotiations between buyers and sellers.
Finally, the Median Sold Price is $266,207, which gives an indication of the average price at which properties are selling in the market. This figure can help both buyers and sellers understand the current market value of properties in the area.
Overall, these metrics paint a picture of a market that is moving quickly, with properties selling close to their listing price. Buyers may need to act fast to secure a property, while sellers could potentially see strong offers in the current market conditions. It is important to keep an eye on these metrics and work with a professional real estate agent to navigate the market effectively.
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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