As a real estate professional, it is important to understand the correlation between various metrics in the housing market to better assist both buyers and sellers in making informed decisions.
First, let’s look at the Months Supply of Inventory, which currently stands at 3.22. This metric indicates how long it would take for all current listings to sell at the current sales pace. A lower number typically indicates a seller’s market, while a higher number indicates a buyer’s market.
The 12-Month Change in Months of Inventory is +64.29%, which means there has been a significant increase in the amount of inventory available compared to the previous year. This could indicate a shift towards a more balanced market or even a buyer’s market.
The Median Days Homes are On the Market is 18, which suggests that properties are selling relatively quickly in this market. This could be due to high demand, low inventory, or competitive pricing strategies.
The List to Sold Price Percentage is 96.8%, indicating that homes are generally selling close to their listing price. This could be a reflection of a strong seller’s market or effective pricing strategies by sellers.
Lastly, the Median Sold Price is $430,000, which gives us an idea of the average price at which homes are selling in this market. This information can be valuable for both buyers and sellers in determining fair market value and negotiating prices.
Overall, these metrics suggest a market that is relatively balanced with homes selling quickly and close to their listing prices. Sellers may find it advantageous to list their properties now, while buyers may need to act fast and be prepared to make competitive offers. Understanding these correlations can help both parties navigate the real estate market with confidence.
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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