As a potential buyer or seller in the current real estate market, it is important to understand the correlation between key metrics to make informed decisions.
The Months Supply of Inventory, which currently stands at 4.27, indicates the number of months it would take to sell all existing homes on the market if no new listings were added. This figure is crucial in determining the balance between supply and demand in the market.
The 12-Month Change in Months of Inventory, which has increased by +72.18%, signals a shift in market conditions. A significant increase in this metric could suggest a potential slowdown in the market, giving buyers more negotiating power.
The Median Days Homes are On the Market, at 61 days, provides insight into the average time it takes for a home to sell. This metric is important for sellers to gauge market activity and adjust pricing strategies accordingly.
The Sold to List Price Percentage, currently at 95.5%, indicates the average percentage of the listing price that homes are selling for. A high percentage suggests a competitive market where sellers are able to command prices close to their asking price.
Lastly, the Median Sold Price of $437,891 gives buyers and sellers a benchmark for understanding the current market value of homes in the area. This figure can help both parties make informed decisions on pricing and negotiations.
Overall, these metrics provide a comprehensive view of the real estate market, helping buyers and sellers navigate the buying and selling process with confidence and clarity.
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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