As a professional in the real estate industry, it is important to understand the correlation between key metrics to better assist buyers and sellers in making informed decisions.
The Months Supply of Inventory is a critical metric that indicates the balance between supply and demand in the market. With a figure of 3.46, we can see that there is a relatively low amount of inventory available for sale compared to the level of demand. This could potentially result in a competitive market with limited options for buyers.
The 12-Month Change in Months of Inventory shows an increase of +52.42%, indicating a significant shift in the market dynamics over the past year. This increase suggests that there has been a notable rise in the amount of inventory available, which could potentially lead to a more balanced market in the future.
The Median Days Homes are On the Market is a key indicator of how quickly homes are selling. With a figure of 30 days, we can see that properties are moving relatively quickly, which could be attributed to the high demand and low inventory levels.
The Sold to List Price Percentage of 97.3% indicates that homes are generally selling close to their list price. This could suggest that sellers are pricing their properties competitively and that buyers are willing to pay close to the asking price in order to secure a property in a competitive market.
Lastly, the Median Sold Price of $319,000 gives buyers and sellers a benchmark for understanding the average price at which homes are selling in the market. This figure can help both parties make informed decisions when pricing their properties or making offers on homes.
Overall, these metrics paint a picture of a market that is experiencing high demand, limited inventory, and competitive pricing. Buyers and sellers should take these factors into consideration when navigating the current real estate landscape.
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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