As a real estate professional, it is important to understand the correlation between various key metrics in the housing market in order to provide valuable insights to both buyers and sellers.
The Months Supply of Inventory is a crucial metric that indicates the balance between supply and demand in the market. With a current value of 7.47, this suggests that there is a moderate level of inventory available for buyers to choose from. However, the 12-Month Change in Months of Inventory showing a significant increase of +21.07% indicates that the market may be shifting towards a more favorable position for buyers, as there is more inventory available compared to the previous year.
The Median Days Homes are On the Market is another important metric that reflects the average amount of time it takes for a home to sell. With a value of 76 days, this suggests that properties are selling at a reasonable pace in this market. Additionally, the List to Sold Price Percentage of 97.9% indicates that homes are typically selling close to their list price, showing a strong negotiating power for sellers.
Lastly, the Median Sold Price of $427,250 provides insight into the average price at which homes are selling in this market. This information is valuable for both buyers and sellers to understand the current pricing trends and make informed decisions when buying or selling a property.
In conclusion, the correlation between these metrics suggests that the housing market is currently balanced with a moderate level of inventory, properties are selling at a reasonable pace, and sellers have strong negotiating power. Buyers and sellers should consider these factors when making real estate decisions in this 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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