As a real estate professional, it is important to understand the correlation between various metrics in the housing market in order to make informed decisions as a buyer or seller.
One key metric to consider is the Months Supply of Inventory, which is currently at 3.83. This indicates that there is a relatively low supply of homes on the market, which could potentially lead to higher prices and increased competition among buyers.
The 12-Month Change in Months of Inventory is also important to note, as it has increased by 0.6% over the past year. This could suggest a slight increase in inventory levels, which may provide buyers with more options and potentially lead to a more balanced market in the future.
The Median Days Homes are On the Market is 33, which is relatively low and indicates that homes are selling quickly in this market. This could be attributed to high demand and limited supply, leading to a sense of urgency among buyers.
The Sold to List Price Percentage is 0.98%, which suggests that homes are selling very close to their listed price. This could indicate a strong seller’s market, where buyers may need to be prepared to make competitive offers in order to secure a property.
Lastly, the Median Sold Price is $426,500, which gives us an idea of the average price of homes that are selling in this market. This information can be valuable for both buyers and sellers in understanding the current market conditions and setting realistic expectations for their transactions.
Overall, these metrics paint a picture of a competitive real estate market with limited inventory and strong demand, which may require buyers and sellers to act quickly and strategically in order to achieve their desired outcomes.
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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