As we analyze the real estate metrics for the current market, we see a correlation between these key data points that can provide valuable insights for both buyers and sellers.
The Months Supply of Inventory is a key indicator of the balance between supply and demand in the market. With a figure of 3.81, this suggests that there is a relatively low inventory of homes available for sale compared to the level of demand from buyers. This can lead to increased competition among buyers and potentially result in higher sale prices.
The 12-Month Change in Months of Inventory has seen a significant increase of +51.79%, indicating that the market may be shifting towards a more balanced state. This could mean that there are more homes available for sale compared to previous months, providing buyers with more options and potentially leading to a stabilization of prices.
The Median Days Homes are On the Market at 23 days indicates that homes are selling relatively quickly in this market. This can be attributed to the low inventory levels and high demand, prompting buyers to act fast when they find a property that meets their criteria.
The Sold to List Price Percentage of 98.7% shows that homes are typically selling very close to their list price. This suggests that sellers are pricing their homes accurately and that buyers are willing to pay close to the asking price for desirable properties.
Lastly, the Median Sold Price of $310,000 gives buyers and sellers a benchmark for the average price of homes in the market. This figure can help sellers determine a competitive list price for their property and assist buyers in understanding the current market conditions.
Overall, these real estate metrics paint a picture of a market with low inventory, high demand, quick sales, and strong pricing. Buyers should be prepared to act quickly and potentially pay close to the asking price for a property, while sellers may find themselves in a favorable position with the potential for quick sales at competitive prices.
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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