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, which currently stands at 4.12, indicates the number of months it would take to sell all the homes on the market based on the current pace of sales. A lower supply of inventory typically results in higher demand, potentially leading to quicker sales and higher prices.
The 12-Month Change in Months of Inventory, showing a significant increase of +65.46%, suggests a shift in the market towards a more balanced or even a buyer’s market. This could mean that there are more homes available for sale compared to the previous year, potentially giving buyers more options to choose from.
The Median Days Homes are On the Market, at 37 days, provides further insight into the pace of the market. A lower number of days on the market indicates that homes are selling quickly, which could be attributed to the lower supply of inventory and high demand.
The List to Sold Price Percentage of 96.7% indicates that homes are generally selling close to their list price. This metric is important for sellers to understand as it highlights the need to price their homes competitively to attract buyers and ultimately achieve a successful sale.
Lastly, the Median Sold Price of $404,750 reflects the average price at which homes are selling in the current market. This information is valuable for both buyers and sellers to gauge the overall affordability and pricing trends in the area.
Overall, these metrics paint a picture of a market that is experiencing moderate inventory levels, quick sales, and strong pricing. Buyers can expect to have a decent selection of homes to choose from, while sellers can capitalize on the current market conditions to maximize their return on investment.
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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