As a professional in the real estate industry, it is important to understand the correlation between key metrics to make informed decisions when buying or selling a property.
First, let’s look at the Months Supply of Inventory, which currently stands at 3.38. This metric represents the number of months it would take to sell all the current inventory of homes on the market if no new listings were added. A low months supply indicates a seller’s market, where demand exceeds supply, driving prices up.
The 12-Month Change in Months of Inventory is -15.08%, indicating a decrease in the number of months it would take to sell all available homes compared to the previous year. This suggests a tightening of the market and increased competition among buyers.
The Median Days Homes are On the Market is 26, which is relatively low and indicates that homes are selling quickly. This could be attributed to high demand and low inventory, leading to a competitive market.
The List to Sold Price Percentage is 97.5%, showing that homes are typically selling close to their listing price. This could indicate strong negotiation skills of sellers or a market where buyers are willing to pay close to asking price.
Finally, the Median Sold Price is $490,000, reflecting the typical price at which homes are selling in the current market. This figure is influenced by supply and demand dynamics, as well as other economic factors.
Overall, these metrics suggest a competitive real estate market with limited inventory, leading to quick sales and homes selling close to list price. Buyers may face challenges finding available properties, while sellers may benefit from strong demand and the potential for higher sale prices. It is important for both buyers and sellers to carefully consider these factors when navigating the current real estate market.
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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