As a professional in the real estate market, it is important to understand the correlation between key metrics to make informed decisions when buying or selling a property.
The Months Supply of Inventory is a crucial metric that indicates the balance between supply and demand in the housing market. In this case, the current Months Supply of Inventory is 3.4, which means that there are enough homes available for sale to meet the demand of buyers.
The 12-Month Change in Months of Inventory shows an increase of 42.86%, indicating a shift towards a more balanced market where buyers have more options to choose from. This change could lead to a slight decrease in competition among buyers, potentially allowing for more negotiation power.
The Median Days Homes are On the Market is 35, which suggests that homes are selling relatively quickly in this market. This could be attributed to the balanced inventory levels and strong demand from buyers.
The Sold to List Price Percentage is 94%, indicating that homes are typically selling close to their listing price. This suggests that sellers are pricing their homes competitively and that there is strong demand from buyers willing to pay close to the asking price.
Lastly, the Median Sold Price is $257,490, providing a benchmark for both buyers and sellers in this market. This median price reflects the current market conditions and can be used as a reference point for determining the value of a property.
Overall, these metrics paint a picture of a market that is relatively balanced with strong demand from buyers and competitive pricing from sellers. Understanding these correlations can help buyers and sellers make informed decisions when navigating the real estate 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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