As a real estate professional, it is important to understand how various metrics in the market are correlated in order to provide valuable insights to 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 low value of 2.04, this suggests that there is a relatively low inventory of homes available for sale compared to the current level of demand. This can lead to a competitive market for buyers and potentially higher prices for sellers.
The 12-Month Change in Months of Inventory, which has increased by 0.07%, indicates a slight trend towards a more balanced market. This small increase suggests that the inventory of homes for sale is growing at a slightly faster rate than the demand for homes.
The Median Days Homes are On the Market, at 27 days, reflects the average amount of time it takes for a home to sell. A lower number of days on the market typically indicates a more active and competitive market, where homes are selling quickly.
The Sold to List Price Percentage of 0.98% indicates that homes are selling very close to their list price. This suggests that sellers are pricing their homes effectively and buyers are willing to pay close to the asking price.
Finally, the Median Sold Price of $422,500 provides insight into the current market value of homes in the area. This number can be used by both buyers and sellers to understand the typical price range of homes in the market.
Overall, these metrics paint a picture of a market with low inventory, quick sales, and homes selling close to their asking price. Buyers should be prepared for competition and potentially higher prices, while sellers can take advantage of the strong demand and high list-to-sold price ratio.
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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