In the current real estate market, there is a strong correlation between the Months Supply of Inventory, the 12-Month Change in Months of Inventory, the Median Days Homes are On the Market, the Sold to List Price Percentage, and the Median Sold Price.
With a Months Supply of Inventory at 2.4, this indicates a relatively low inventory of homes for sale compared to the level of demand from buyers. The 12-Month Change in Months of Inventory increasing by +57.89% suggests that there has been a significant increase in the number of homes available for sale over the past year. This could be due to more sellers listing their homes, or a decrease in buyer demand.
The Median Days Homes are On the Market at 27 days indicates that homes are selling relatively quickly in this market. This could be attributed to the low inventory levels and high demand from buyers. The Sold to List Price Percentage of 97.3% suggests that homes are typically selling very close to their list price, indicating a strong seller’s market.
Lastly, the Median Sold Price of $273,000 is reflective of the current market conditions and the value of homes in this area. Overall, these metrics paint a picture of a competitive real estate market with limited inventory, quick sales, and homes selling close to their list price. Buyers may need to act fast and be prepared to make competitive offers, while sellers may benefit from the current market conditions to maximize their sale price.
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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