As a real estate professional, it is important to understand the correlation between various metrics in the housing market to provide valuable insights to both buyers and sellers.
The Months Supply of Inventory is a key indicator of the balance between supply and demand in the market. With a 3.35 months supply of inventory, we are currently in a seller’s market where demand is outpacing supply. This is further supported by the 12-month change in the Months of Inventory, which has increased by +41.95%. This suggests that inventory levels are rising, which could potentially shift the market towards a more balanced state in the future.
The Median Days Homes are On the Market is 17, indicating that homes are selling relatively quickly in the current market conditions. This is further evidenced by the List to Sold Price Percentage of 92%, showing that sellers are able to negotiate prices close to their asking price.
The Median Sold Price of $236,000 reflects the current market value of homes in the area. This information is crucial for both buyers and sellers to understand the pricing trends in the market and make informed decisions.
Overall, these metrics suggest that the market is currently favoring sellers, with low inventory levels and high demand leading to quick sales and strong pricing. Buyers should be prepared to act fast and potentially pay close to asking prices, while sellers may benefit from the current market conditions to maximize their returns. It is important for both parties to work with a knowledgeable real estate professional to navigate the market effectively and achieve their goals.
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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