As a real estate professional, it is important to understand the correlation between various metrics in the market to provide valuable insights to both buyers and sellers. Let’s break down the data provided to gain a better understanding of the current real estate environment.
First, the Months Supply of Inventory is an important indicator of market conditions. A lower number indicates a seller’s market, while a higher number suggests a buyer’s market. With a Months Supply of Inventory at 3.21, we can see that the market is balanced, providing both buyers and sellers with opportunities.
The 12-Month Change in Months of Inventory shows an increase of +28.92%. This suggests that the market may be shifting towards a more buyer-friendly environment, providing buyers with potentially more options and negotiating power.
The Median Days Homes are On the Market at 48 days indicates that homes are selling relatively quickly. This is a positive sign for sellers, as it shows there is demand in the market.
The Sold to List Price Percentage of 97.6% indicates that homes are selling close to their listing price. This is a good sign for sellers, as it shows that properties are priced competitively and buyers are willing to pay close to the asking price.
Lastly, the Median Sold Price of $400,424 gives an indication of the average price of homes being sold in the market. This information is valuable for both buyers and sellers to understand current market values.
Overall, the data provided paints a picture of a balanced real estate market with opportunities for both buyers and sellers. Buyers may have more options and negotiating power, while sellers can take advantage of a market where homes are selling quickly and close to their listing price. It is important for both buyers and sellers to work with a knowledgeable real estate professional to navigate the market effectively and achieve their real estate goals.
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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