As a real estate professional, it is important to understand the correlation between various metrics in the market to make informed decisions.
The Months Supply of Inventory is a key indicator of the balance between supply and demand in the market. In this case, the Months Supply of Inventory is 4.95, indicating that there is a moderate level of inventory available for buyers to choose from.
The 12-Month Change in Months of Inventory has increased by +14.06%, suggesting that there has been a slight increase in the level of inventory over the past year. This could be due to an increase in new listings or a decrease in sales activity.
The Median Days Homes are On the Market is 33, indicating that homes are selling relatively quickly in this market. This could be due to high demand from buyers or well-priced listings.
The Sold to List Price Percentage is 97.1%, which means that homes are selling for very close to their list price. This indicates a strong seller’s market where buyers may need to be prepared to make competitive offers.
The Median Sold Price in this market is $265,000, which gives buyers and sellers an idea of the typical price range for homes in the area. This can help both parties make informed decisions about pricing and negotiation strategies.
Overall, these metrics suggest that this real estate market is relatively balanced with moderate inventory levels, quick sales, and strong pricing. Buyers and sellers should be prepared to act quickly and competitively in this market to achieve their 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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