As a real estate professional, it is important to understand the correlation between various metrics in the market to provide valuable insights for both buyers and sellers.
The Months Supply of Inventory is a key indicator of market health, representing the number of months it would take to sell all current listings at the current sales pace. With a low Months Supply of Inventory of 1.57, this indicates a seller’s market where demand is outpacing supply.
The 12-Month Change in Months of Inventory increasing by +16.3% suggests a slight shift towards a more balanced market as inventory levels are rising compared to the previous year. This could potentially lead to more options for buyers and less competition among sellers.
The median days homes are on the market at 28 days indicates a relatively fast-paced market where well-priced properties are selling quickly. This can be advantageous for sellers looking to make a timely sale, while buyers may need to act decisively to secure their desired property.
The List to Sold Price Percentage of 97.5% highlights the strength of the market, with homes generally selling close to their list price. This suggests that sellers are pricing their properties competitively and buyers are willing to pay close to asking price.
Lastly, the median sold price of $335,000 provides insight into the overall affordability and value of homes in the market. This figure can help both buyers and sellers gauge the current pricing trends and make informed decisions.
Overall, these metrics paint a picture of a dynamic real estate market with opportunities for both buyers and sellers. It is important for all parties involved to stay informed and work with a knowledgeable real estate professional to navigate the market 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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