As a real estate professional, it is important to understand the correlation between various metrics in the market to help buyers and sellers make informed decisions. Let’s take a closer look at the data provided:
First, let’s address the Months Supply of Inventory, which currently stands at 3.24. This metric indicates the number of months it would take to sell all the homes on the market at the current pace of sales. A lower number typically indicates a seller’s market, where demand outweighs supply.
The 12-Month Change in Months of Inventory has increased by +47.27%. This signifies that inventory levels have risen significantly over the past year, potentially shifting the market towards a more balanced or even buyer-friendly environment.
The Median Days Homes are On the Market is 36, which suggests that homes are selling relatively quickly in this market. This could be attributed to the low inventory levels and high demand from potential buyers.
The Sold to List Price Percentage is 96.2%, indicating that homes are typically selling very close to their list price. This can be a positive sign for sellers, as it shows that the market is strong and buyers are willing to pay close to asking price.
Lastly, the Median Sold Price is $255,000, providing insight into the average price at which homes are selling in this market. This information can be valuable for both buyers and sellers in determining fair market value and setting realistic expectations.
Overall, the data suggests a market that is experiencing increased inventory levels but still maintaining a relatively strong seller’s advantage. Buyers may find more options to choose from, while sellers can expect their homes to sell quickly and close to their asking price. It is essential to consult with a real estate professional to navigate these market conditions effectively and achieve your real estate goals.
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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