As a real estate professional, it is important to understand the correlation between various metrics in the market in order to help buyers and sellers make informed decisions.
The Months Supply of Inventory is a key indicator of the balance between supply and demand in the market. A lower number indicates a seller’s market, while a higher number indicates a buyer’s market. With a Months Supply of Inventory of 3.49, we are currently in a balanced market.
The 12-Month Change in Months of Inventory has seen a significant increase of 154.74%. This suggests that inventory levels have been rising steadily over the past year, potentially leading to a shift towards a buyer’s market.
The Median Days Homes are On the Market is 24, indicating that homes are selling relatively quickly in the current market. This is good news for sellers looking to move their properties efficiently.
The Sold to List Price Percentage of 97.1% shows that homes are typically selling very close to their list price. This suggests that sellers are pricing their homes competitively and buyers are willing to pay close to asking price.
Finally, the Median Sold Price of $370,000 gives buyers and sellers a good idea of the average price of homes in the market. This can help both parties determine a fair price for a property.
Overall, these metrics suggest that the market is currently in a balanced state, with homes selling quickly and close to their list price. Sellers can feel confident in the current market conditions, while buyers may have more options available to them. It is important for both parties to stay informed and work with a knowledgeable real estate professional to navigate the market effectively.
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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