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.
The Months Supply of Inventory is a crucial metric that indicates the balance between supply and demand in the market. With a current value of 4.08, this suggests that there is a healthy level of inventory available for buyers to choose from.
The 12-Month Change in Months of Inventory, which has increased by +15.25%, shows a slight uptick in inventory levels compared to the previous year. This could be a result of more properties coming onto the market or a decrease in buyer demand.
The Median Days Homes are On the Market is 32, indicating that properties are selling relatively quickly in this market. This is a positive sign for sellers as it shows that there is strong demand for homes in the area.
The List to Sold Price Percentage is 96.5%, suggesting that homes are typically selling very close to their listing price. This indicates that sellers are pricing their properties accurately and that buyers are willing to pay close to the asking price.
Lastly, the Median Sold Price of $310,000 gives an indication of the average price at which homes are selling in this market. This can help both buyers and sellers understand the current price trends and make informed decisions when negotiating offers.
Overall, these metrics paint a picture of a market with healthy inventory levels, strong demand, and properties selling close to their listing price. Buyers and sellers should keep these factors in mind when navigating the real estate market in order to make the most of their investments.
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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