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.
The Months Supply of Inventory is a key indicator of the balance between supply and demand in the market. At 4.41 months, this suggests that there is a healthy level of inventory available for potential buyers to choose from.
The 12-Month Change in Months of Inventory, which shows an increase of +56.94%, indicates a trend towards a higher inventory level compared to the previous year. This could potentially mean more options for buyers but may also signal a shift towards a more competitive market for sellers.
The Median Days Homes are On the Market, at just 4 days, reflects a fast-moving market where properties are selling quickly. This could be attributed to high demand and low inventory levels, leading to a competitive environment for buyers.
The List to Sold Price Percentage of 99.5% indicates that properties are generally selling close to their listing price. This suggests that sellers are pricing their homes effectively and buyers are willing to pay close to the asking price in order to secure a property in a competitive market.
Lastly, the Median Sold Price of $3,725,000 gives an insight into the average price of homes sold in the market. This high median price could be indicative of a luxury market or an area with high demand and limited inventory.
Overall, these metrics paint a picture of a market with a healthy level of inventory, high demand, quick sales, and properties selling close to their listing price. Buyers and sellers should take note of these trends and adjust their strategies accordingly when entering the real estate 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.
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