Hi Friends,
The data provided paints a clear picture of the current real estate market trends and can be used by both buyers and sellers to make informed decisions.
The Months Supply of Inventory, which stands at 3.81, indicates that there is a relatively low inventory of homes on the market. This means that there are fewer homes available for sale compared to the demand from buyers.
The 12-Month Change in Months of Inventory at -14.19% signifies a decrease in the number of months it would take to sell all the current listings at the current sales pace. This suggests that the market is becoming more competitive, with homes selling at a faster rate.
The Median Days Homes are On the Market at 24 days further reinforces the idea of a fast-paced market. This metric indicates that homes are selling quickly, potentially due to high demand and low inventory.
The List to Sold Price Percentage of 97.3% shows that homes are generally selling close to their listing price. This can be beneficial for sellers as it suggests that they may be able to sell their home at or close to the asking price.
Lastly, the Median Sold Price of $497,500 gives buyers and sellers an idea of the current market value of homes in the area. This data can be used by sellers to set an appropriate listing price and by buyers to determine if a property is priced competitively.
Overall, the correlation between these real estate metrics suggests a market that is competitive, with low inventory, homes selling quickly, and sellers able to achieve a high percentage of their asking price. Buyers and sellers can use this information to navigate the current market conditions 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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