As a potential buyer or seller in the current real estate market, it is important to understand the correlation between various key metrics to make informed decisions.
The Months Supply of Inventory, which currently stands at 3.33 months, indicates the balance between supply and demand in the market. A lower number typically signifies a seller’s market, while a higher number suggests a buyer’s market. In this case, with a relatively low inventory level, sellers may have an advantage in negotiations.
The 12-Month Change in Months of Inventory, showing a significant increase of 50%, suggests a shifting market dynamic. This could indicate a potential increase in available inventory in the coming months, which may lead to more options for buyers but could also potentially soften prices for sellers.
The Median Days Homes are On the Market, coming in at 46 days, provides insight into the speed at which homes are selling. A lower number typically indicates a strong market where homes are in high demand, while a higher number may suggest a slower market. In this case, the relatively short time on the market indicates a healthy level of activity.
The List to Sold Price Percentage, at 97.3%, shows that homes are generally selling close to their listing price. This suggests that sellers are pricing their homes effectively and buyers are willing to pay close to the asking price.
Lastly, the Median Sold Price of $555,000 gives an idea of the average price of homes that are selling in the current market. This can be used as a benchmark for both buyers and sellers to gauge the value of properties in the area.
Overall, these metrics paint a picture of a market that is balanced, with moderate inventory levels, relatively quick sales, and homes selling close to their listing prices. Buyers may find options in the coming months with the potential increase in inventory, while sellers can take advantage of the current market conditions to maximize their return on investment.
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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