As a real estate professional, it is important to understand the correlation between key metrics in the market to provide valuable insights to both buyers and sellers.
First, let’s look at the Months Supply of Inventory, which is currently at 3. This indicates that at the current sales pace, it would take 3 months to sell all the available homes on the market. A lower number typically signifies a seller’s market, where there is high demand and limited inventory.
The 12-Month Change in Months of Inventory is -5.96%, showing a decrease in the number of months it would take to sell all the available homes compared to the previous year. This decline suggests a tightening of the market and increased competition among buyers.
The Median Days Homes are On the Market is 48, indicating that homes are selling relatively quickly. This can be attributed to the low inventory levels and high demand in the market.
The List to Sold Price Percentage is 96.4%, showing that homes are generally selling close to their list price. This suggests that sellers are pricing their homes competitively and buyers are willing to pay close to the asking price.
Lastly, the Median Sold Price is $340,000, reflecting the average price at which homes are selling in the market. This figure provides valuable information for both buyers and sellers in understanding the current pricing trends.
Overall, these metrics paint a picture of a competitive market with low inventory levels, quick sales, and strong seller pricing. Buyers should be prepared to act quickly and sellers can expect to receive offers close to their asking price. It is crucial for both parties to stay informed and work with a knowledgeable real estate professional to navigate these 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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