As a real estate professional, it is important to understand the correlation between various metrics in the market to provide valuable insights to both buyers and sellers.
The Months Supply of Inventory, which currently stands at 3.61, indicates the number of months it would take to sell all the homes on the market if no new listings were added. A lower number typically signifies a seller’s market, while a higher number indicates a buyer’s market.
The 12-Month Change in Months of Inventory, which has seen a significant increase of +47.35%, suggests that the market is experiencing a shift towards more inventory, potentially giving buyers more options to choose from.
The Median Days Homes are On the Market, at 47 days, gives an indication of how quickly homes are selling. A lower number typically signifies a strong seller’s market, while a higher number may indicate a buyer’s market.
The Sold to List Price Percentage of 97.6% indicates that, on average, homes are selling very close to their listing price. This can be a helpful metric for sellers to gauge how competitive their pricing is in the current market.
Lastly, the Median Sold Price of $314,500 gives buyers and sellers an idea of the average price at which homes are selling. This information can be valuable for setting realistic expectations when buying or selling a property.
Overall, the data suggests a market that is experiencing an increase in inventory, potentially giving buyers more options while still maintaining competitive pricing and relatively quick sales. Buyers and sellers should consider these metrics when making decisions in the current 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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