First, let’s look at the Months Supply of Inventory, which is currently at 1.88. This metric indicates how many months it would take to sell all available homes on the market at the current pace of sales. A lower number typically indicates a seller’s market, where demand exceeds supply.
The 12-Month Change in Months of Inventory is -37.33%, showing a significant decrease in the amount of time it would take to sell all available homes compared to the previous year. This suggests a tightening of the market and increased competition among buyers.
The Median Days Homes are On the Market is 33, indicating that homes are selling relatively quickly in this market. This is good news for sellers, as it suggests strong demand and a competitive market.
The List to Sold Price Percentage is 96.8%, meaning that on average, homes are selling for 96.8% of their listed price. This shows that sellers are pricing their homes effectively and buyers are willing to pay close to the asking price.
Finally, the Median Sold Price is $546,500, giving buyers and sellers a benchmark for the average price of homes in this market. This information can help both parties determine a fair price when buying or selling a home.
Overall, these metrics paint a picture of a competitive real estate market with low inventory, quick sales, and strong demand. Buyers should be prepared to act quickly and make strong offers, while sellers may benefit from pricing their homes competitively to attract multiple offers. It is important for both buyers and sellers to work with a knowledgeable real estate agent who can help navigate this dynamic 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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