As a potential buyer or seller in the current real estate market, it is important to understand the correlation between key metrics to make informed decisions.
The Months Supply of Inventory, which currently stands at 5.6, indicates the number of months it would take to sell all the homes on the market at the current pace of sales. This metric is crucial in determining the level of competition among buyers and sellers.
The 12-Month Change in Months of Inventory, which has increased by +52.17%, suggests a shift in market dynamics. A higher percentage indicates a potential increase in inventory, which could lead to more options for buyers and potentially lower prices.
The Median Days Homes are On the Market, which is 55 days, reflects the average amount of time it takes for a home to sell. A lower number signifies a faster-moving market, while a higher number may indicate a slower market with less demand.
The Sold to List Price Percentage, standing at 97.6%, reveals how close homes are selling to their listing price. A higher percentage indicates strong buyer demand and competitive bidding, while a lower percentage may suggest negotiating power for buyers.
Lastly, the Median Sold Price of $335,000 gives insight into the average price at which homes are selling. This metric is essential for both buyers and sellers to gauge market trends and make informed decisions on pricing strategies.
Overall, these metrics collectively paint a picture of the current real estate market conditions, providing valuable information for buyers and sellers to navigate effectively. By understanding these correlations, individuals can make more informed decisions when buying or selling a home.
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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