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.
First, let’s look at the Months Supply of Inventory, which is currently at 3.15. This metric indicates how long it would take for all the current homes on the market to sell at the current sales pace. A lower number typically signifies a seller’s market, while a higher number suggests a buyer’s market.
The 12-Month Change in Months of Inventory is at +23.53%, showing a significant increase in the supply of homes on the market compared to the previous year. This could indicate a shift towards a buyer’s market, giving buyers more options and potentially more negotiating power.
The Median Days Homes are On the Market is 32, which is relatively low and suggests that homes are selling quickly in this market. This could be due to high demand and limited inventory, leading to faster sales.
The List to Sold Price Percentage is 97.6%, indicating that homes are typically selling very close to their listing price. This could mean that sellers are pricing their homes accurately and buyers are willing to pay close to the asking price.
Lastly, the Median Sold Price is $450,000, giving buyers and sellers an idea of the average price of homes in this market. This can help both parties determine a fair price when buying or selling a property.
Overall, these metrics paint a picture of a market with relatively low inventory levels, quick sales, and homes selling close to their listing price. Buyers may have more options to choose from compared to the previous year, while sellers may still be able to sell their homes quickly and at a price close to their asking price. It is important for both buyers and sellers to stay informed about these metrics to make the best decisions in 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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