As a real estate professional, it is crucial to understand the correlation between various metrics in the market to provide valuable insights to both buyers and sellers. Let’s delve into the data provided to gain a better understanding of the current real estate landscape.
Firstly, the Months Supply of Inventory stands at 7.1, indicating a balanced market where supply and demand are relatively stable. However, the 12-Month Change in Months of Inventory has increased by +16.2%, suggesting a shift towards a slightly more saturated market. This increase may be due to a higher influx of new listings or a decrease in buyer demand.
Despite the increase in inventory, the Median Days Homes are On the Market remains at a reasonable 60 days. This indicates that homes are still selling within a reasonable timeframe, which is positive for both buyers and sellers. Additionally, the List to Sold Price Percentage is high at 99.7%, showing that homes are typically selling close to their listing price.
Lastly, the Median Sold Price is $570,750, providing buyers and sellers with a benchmark for pricing their properties. This data point can help sellers determine a competitive listing price, while buyers can use it to gauge the market value of a potential purchase.
In summary, while there has been a slight increase in inventory, the real estate market remains stable with homes selling relatively quickly and close to their listing price. Buyers and sellers can use this information to make informed decisions in the current market environment.
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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