As a real estate professional, it is important to understand the correlation between various metrics in the market to provide valuable insights to both buyers and sellers.
The Months Supply of Inventory is a key indicator of market health, with the current rate standing at 3.83. This signifies a balanced market where there is a relatively equal balance between supply and demand.
However, the 12-Month Change in Months of Inventory has seen a significant increase of +61.6%. This suggests that there has been an increase in the number of homes available for sale compared to the previous year, which may indicate a shift towards a buyer’s market.
The Median Days Homes are On the Market is 25 days, indicating a relatively quick turnaround time for homes to be sold. This can be attributed to the strong demand in the market and the competitive pricing of properties.
The List to Sold Price Percentage is at 96.8%, showing that homes are generally selling close to their asking price. This is a positive sign for sellers as it indicates that they are pricing their properties accurately and that buyers are willing to pay close to the listed price.
Finally, the Median Sold Price is $380,000, reflecting the average price at which homes are selling in the current market. This can be a useful benchmark for both buyers and sellers to gauge the value of properties in the area.
Overall, these metrics paint a picture of a market that is balanced, with strong demand and competitive pricing. Buyers can expect to find a good selection of homes to choose from, while sellers can capitalize on the strong demand and competitive pricing to achieve a successful sale.
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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