When analyzing the current real estate market, it is important to consider a variety of metrics to gain a comprehensive understanding of the trends and dynamics at play.
First, let’s start with the Months Supply of Inventory, which currently stands at 3.67. This metric indicates how long it would take for all current homes on the market to be sold at the current sales pace. A lower number typically signifies a seller’s market, where demand exceeds supply.
The 12-Month Change in Months of Inventory is also a crucial indicator, showing a positive change of +11.21%. This increase suggests that inventory levels are rising, which may lead to a more balanced market in the near future.
Median Days Homes are On the Market is 32, indicating that properties are selling relatively quickly. This could be attributed to strong demand and competitive pricing strategies by sellers.
The List to Sold Price Percentage of 95.3% demonstrates that, on average, homes are selling for 95.3% of their list price. This metric gives insight into the bargaining power of buyers and sellers in the current market.
Lastly, the Median Sold Price of $485,000 provides a benchmark for the average sales price of homes in the area. This figure can be helpful for both buyers and sellers in setting realistic expectations for pricing.
Overall, these metrics paint a picture of a market that is experiencing a healthy level of activity, with properties selling relatively quickly and at prices close to their list prices. For buyers, this may mean having to act fast and make competitive offers, while sellers may find themselves in a favorable position to attract interested buyers. It is important for both parties to stay informed and adapt their strategies accordingly to navigate the current 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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