As real estate professionals, it is crucial to understand the correlation between various metrics in order to make informed decisions when buying or selling a property.
First, let’s look at the Months Supply of Inventory, which currently stands at 4.41. This metric indicates the number of months it would take to sell all the homes on the market given the current pace of sales. A lower number typically indicates a seller’s market, while a higher number suggests a buyer’s market.
The 12-Month Change in Months of Inventory is +68.32%, showing a significant increase in the supply of homes over the past year. This could be due to various factors such as an increase in new construction or a decrease in demand.
The Median Days Homes are On the Market is 58, which is a relatively short timeframe compared to other markets. This indicates a high demand for homes in the area, leading to quicker sales.
The Sold to List Price Percentage is 96.8%, meaning that homes are typically selling for just under the asking price. This suggests that sellers are pricing their properties competitively and buyers are willing to pay close to the list price.
Lastly, the Median Sold Price is $362,500, giving an indication of the average price at which homes are selling in the market. This can be used as a reference point for both buyers and sellers to determine fair market value.
In summary, the data shows that there is a moderate supply of homes on the market, with a significant increase in inventory over the past year. Despite this, homes are selling relatively quickly and at a high percentage of the list price. This information can be valuable for both buyers looking for a good deal and sellers looking to price their homes effectively in the current market conditions.
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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