As a real estate professional, it is important to understand the correlation between various metrics in the market 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 current value of 3.9 months, this suggests that the market is leaning towards a seller’s market, where there is more demand for homes than there are available listings.
The 12-Month Change in Months of Inventory of -9.51% indicates a decrease in the number of months it would take to sell all the current inventory on the market. This can be attributed to a combination of factors such as strong demand, low interest rates, and limited inventory.
The Median Days Homes are On the Market at 53 days shows that homes are selling relatively quickly in this market. This is a positive sign for sellers as it indicates a high level of buyer interest and activity.
The List to Sold Price Percentage of 97% reveals that homes are selling close to their list price, which indicates a strong market where buyers are willing to pay close to the asking price for properties.
Finally, the Median Sold Price of $435,207 gives buyers and sellers an idea of the current market value of homes in the area. This figure can be used as a benchmark for pricing properties and making informed decisions in the real estate market.
In conclusion, the data suggests a competitive market with low inventory, high demand, and homes selling quickly at or close to asking prices. Buyers should be prepared to act quickly and make strong offers, while sellers can expect to receive good value for their properties. It is important for both parties to work with a knowledgeable real estate agent to navigate the market effectively and achieve their goals.
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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