Hello Friends,
Let’s dive into the real estate market data to better understand the correlation between important metrics.
First, let’s look at the Months Supply of Inventory, which currently stands at 3.74. This indicates the number of months it would take to sell all the current listings on the market if no new properties were added. 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 shows an increase of +39.55%, indicating that there has been an uptick in available inventory over the past year. This could mean more options for buyers and potentially less competition among sellers.
The Median Days Homes are On the Market is 38, which is relatively low and suggests that properties are selling quickly. This could be due to high demand and competitive pricing in the market.
The List to Sold Price Percentage is at 97.4%, indicating that homes are typically selling very close to their listing price. This could be a result of strong negotiation skills by both buyers and sellers in the current market.
Lastly, the Median Sold Price is $307,500, which gives us an idea of the average selling price in the current market. This can be helpful for both buyers and sellers to understand the potential value of properties in the area.
Overall, these metrics suggest a dynamic real estate market with a balance of supply and demand. Buyers may have more options to choose from, while sellers are seeing their properties move quickly and close to their asking price. It’s important for both buyers and sellers to stay informed about these metrics to make informed 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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