As a potential buyer or seller in the current real estate market, it is important to understand how various metrics can impact your decision-making process. Let’s take a look at the correlation between the following real estate metrics to give you a better understanding of the current market conditions.
First, we have the Months Supply of Inventory, which currently stands at 3.24. This metric indicates how long it would take for all the current listings on the market to sell at the current pace of sales. A lower Months Supply of Inventory usually indicates a seller’s market, where demand outstrips supply.
Next, we have the 12-Month Change in Months of Inventory, which has increased by +37.87%. This significant increase suggests that there has been a shift towards a more balanced market, with supply starting to outpace demand.
The Median Days Homes are On the Market is 47, indicating that homes are selling relatively quickly in this market. This metric is crucial for sellers as it gives an idea of how long their property might be on the market before finding a buyer.
The Sold to List Price Percentage is 97.9%, meaning that homes are typically selling very close to their list price. This is a positive sign for sellers, as it suggests that buyers are willing to pay close to the asking price for properties.
Finally, the Median Sold Price is $375,000, giving you an idea of the average price at which homes are selling in the current market. This metric can be useful for both buyers and sellers in determining fair market value for properties.
Overall, these metrics suggest that the current real estate market is experiencing a shift towards a more balanced market, with inventory levels increasing and homes selling relatively quickly at close to their list price. Buyers and sellers should consider these metrics carefully when making decisions in the current 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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