As a prospective buyer or seller in the current real estate market, it is important to understand the correlation between various key metrics that can impact your decision-making process.
The Months Supply of Inventory is a crucial metric that indicates the balance between supply and demand in the housing market. In this case, the Months Supply of Inventory is 2.97, which suggests that there is a relatively low level of housing inventory available for sale compared to the level of demand from potential buyers.
The 12-Month Change in Months of Inventory is also a significant indicator of market trends. With a +24.79% increase in the Months of Inventory over the past year, this suggests that the market may be shifting towards a more balanced or even buyer-friendly environment, as supply is increasing relative to demand.
The Median Days Homes are On the Market is 34, which indicates that homes are selling relatively quickly in this market. This could be attributed to the low inventory levels, as buyers may be eager to secure a property before it is snapped up by someone else.
The List to Sold Price Percentage of 97.5% suggests that homes are typically selling very close to their listing price. This can be seen as a positive indicator for sellers, as it indicates strong demand and competition among buyers.
Finally, the Median Sold Price of $335,000 provides insight into the average price at which homes are selling in this market. This information can be useful for both buyers and sellers in determining appropriate pricing strategies.
Overall, the data suggests that the current real estate market is characterized by low inventory levels, quick sales, and strong demand, which may be favorable for sellers. However, the increase in inventory over the past year indicates a potential shift in market conditions that could benefit buyers in the near future. It is important for both buyers and sellers to carefully consider these key metrics when making decisions in the current 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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