As a real estate professional, it is important to understand the correlation between key metrics in the market to provide valuable insights to both buyers and sellers.
First, let’s look at the Months Supply of Inventory, which currently sits at 3.39. This indicates that it would take approximately 3.39 months to sell all the current inventory of homes on the market. A lower number generally suggests a seller’s market with high demand and limited supply.
The 12-Month Change in Months of Inventory is a small increase of 0.13%, showing a slight shift towards a more balanced market. This could indicate a stabilization in inventory levels, which may lead to more negotiating power for buyers.
The Median Days Homes are On the Market is 27, which is relatively low and suggests that homes are selling quickly. This could be attributed to high demand and competitive pricing in the market.
The Sold to List Price Percentage is 0.96%, indicating that homes are typically selling for 96% of their list price. This could suggest that sellers are pricing their homes competitively and buyers may need to act quickly to secure a deal.
Lastly, the Median Sold Price of $749,000 gives buyers and sellers a benchmark for pricing their properties in the current market. This figure reflects the average price at which homes are selling, providing a snapshot of the overall market value.
Overall, these metrics paint a picture of a competitive real estate market with limited inventory and quick sales. Buyers may need to act fast and be prepared to make strong offers, while sellers can take advantage of the current demand and potentially secure favorable selling prices. 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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