As a professional in the real estate industry, it is important to understand the correlation between key metrics to make informed decisions as a buyer or seller.
The Months Supply of Inventory is currently at 3.56, indicating that there is a moderate supply of homes available on the market. This metric is crucial in determining the balance between supply and demand in the real estate market.
The 12-Month Change in Months of Inventory has seen a significant increase of +35.36%. This suggests that there has been an increase in the number of homes available for sale over the past year, potentially leading to a more competitive market for sellers.
The Median Days Homes are On the Market is 50 days, indicating that homes are selling relatively quickly in this market. This metric is important for buyers and sellers to understand the pace at which homes are moving off the market.
The Sold to List Price Percentage is at 96.3%, showing that homes are typically selling for close to their list price. This metric is crucial for sellers to understand how much negotiating power they may have in the current market.
The Median Sold Price is $440,000, providing insight into the average price at which homes are selling in this market. This information is valuable for both buyers and sellers to determine if their pricing strategy aligns with current market trends.
In conclusion, these metrics are all interconnected and provide valuable insights into the current state of the real estate market. Buyers and sellers can use this data to make informed decisions and 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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