As a real estate professional, it is important to understand the correlation between various metrics to provide valuable insights to both buyers and sellers in the market. Let’s analyze the data provided to gain a better understanding of the current real estate landscape.
The Months Supply of Inventory is a key metric that indicates the balance between supply and demand in the market. A supply of 4.31 months suggests a relatively balanced market where neither buyers nor sellers have a significant advantage.
The 12-Month Change in Months of Inventory of +62.03% indicates a significant increase in the inventory levels over the past year. This could be a result of more properties coming onto the market or a decrease in buyer demand. Sellers should be aware of this trend and adjust their pricing strategy accordingly.
The Median Days Homes are On the Market is 68, which means that on average, it takes about 68 days for a home to sell. This metric can help sellers gauge how long they can expect their property to be on the market before finding a buyer.
The Sold to List Price Percentage of 97.1% reflects the average discount that sellers are willing to accept from their listing price. A percentage close to 100% indicates a strong seller’s market where properties are selling close to their asking price.
Lastly, the Median Sold Price of $327,500 gives both buyers and sellers an idea of the current market value of homes in the area. This can help buyers make informed decisions about their budget and offer prices, while sellers can use this information to price their property competitively.
Overall, the data suggests a market that is experiencing an increase in inventory levels, but still remains relatively balanced. Sellers should be mindful of pricing strategies and market trends, while buyers can expect properties to sell close to their asking price. Keeping these metrics in mind can help both parties navigate the real estate market successfully.
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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