As a real estate professional, it is important to understand the correlation between various key metrics in the market to better assist both buyers and sellers in making informed decisions.
Firstly, the Months Supply of Inventory is a critical indicator of market conditions. With a low supply of inventory at 2.88 months, we can infer that the market is favoring sellers as there is more demand than supply. This is further supported by the median days homes are on the market, which is relatively low at 33 days.
The 12-Month Change in Months of Inventory being +5.49% indicates a slight increase in inventory over the past year, which could potentially lead to a more balanced market in the future. This can be beneficial for buyers as it may provide them with more options and potentially less competition.
The List to Sold Price Percentage of 97.1% suggests that homes are selling close to their asking prices, indicating a strong seller’s market. This, combined with the median sold price of $412,000, showcases the overall strength and stability of the market.
In conclusion, these metrics collectively paint a picture of a competitive real estate market with high demand, low inventory, and strong selling prices. Buyers may need to act quickly and be prepared to make competitive offers, while sellers can expect to see their homes sell close to asking price in a relatively short amount of time. It is important for both buyers and sellers to work closely with a knowledgeable real estate professional to navigate these market conditions 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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