As a real estate professional, it is important to understand the correlation between key metrics in the market in order to provide valuable insights to both buyers and sellers. Let’s take a closer look at the data provided:
The Months Supply of Inventory is currently at 3.44, indicating a relatively low supply of homes on the market. This means that there is high demand for homes, which could potentially lead to a competitive market with multiple offers on properties.
The 12-Month Change in Months of Inventory has increased by +50.88%, suggesting that the market may be shifting towards a more balanced supply and demand dynamic. This increase in inventory could provide buyers with more options to choose from, potentially leading to a more favorable negotiating position.
The Median Days Homes are On the Market is 31, indicating that properties are selling relatively quickly. This could be attributed to the low inventory levels and high demand in the market.
The List to Sold Price Percentage is at 95.8%, showing that homes are selling close to their listing price. This could be a sign of a strong seller’s market, where buyers may need to be prepared to offer competitive bids in order to secure a property.
Finally, the Median Sold Price is $269,990, giving buyers and sellers an idea of the average price point in the market. This information can be useful for setting realistic expectations and making informed decisions.
In summary, the current real estate market is characterized by low inventory, high demand, and competitive pricing. Buyers should be prepared to act quickly and make strong offers, while sellers may benefit from the favorable selling conditions. Keeping an eye on these key metrics can help both parties navigate the market 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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