As we analyze the real estate metrics provided, we can see a correlation between the Months Supply of Inventory, the 12-Month Change in Months of Inventory, the Median Days Homes are On the Market, the Sold to List Price Percentage, and the Median Sold Price.
The Months Supply of Inventory being at 3.72 indicates that the current level of inventory would take approximately 3.72 months to sell at the current sales pace. This number is considered to be in a balanced market, where neither buyers nor sellers have a significant advantage.
The 12-Month Change in Months of Inventory increasing by +67.57% suggests that there has been a significant increase in the amount of inventory available compared to the previous year. This may indicate a shifting market towards favoring buyers, as there is more choice available.
The Median Days Homes are On the Market being 32 days highlights that homes are selling relatively quickly in this market. This could be attributed to factors such as high demand or competitive pricing strategies.
The Sold to List Price Percentage of 97% indicates that homes are generally selling close to their list price. This suggests that sellers are pricing their homes accurately and buyers are willing to pay close to the asking price.
Finally, the Median Sold Price of $370,000 gives us an idea of the average price at which homes are selling in this market. This number can be used as a benchmark for both buyers and sellers to gauge the current market value of properties.
In conclusion, these metrics collectively paint a picture of a market that is balanced in terms of inventory levels, experiencing an increase in available homes, selling at a relatively fast pace, with homes generally selling close to their list price and at a median price of $370,000. Buyers and sellers can use this information to make informed decisions when navigating 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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