As a real estate professional, it is important for both buyers and sellers to understand the correlation between key metrics in the housing market to make informed decisions.
Firstly, the Months Supply of Inventory is a critical indicator of market conditions. With a low figure of 1.75, this suggests a seller’s market, where demand exceeds supply, leading to competitive bidding and potentially higher prices.
The 12-Month Change in Months of Inventory at +73.27% indicates a significant increase in inventory over the past year. This could signal a shift towards a more balanced market, offering buyers more options and potentially less competition.
The Median Days Homes are On the Market at 31 reflects a relatively fast-moving market, where well-priced homes are selling quickly. Sellers can expect a relatively short time on the market if their property is priced competitively.
The List to Sold Price Percentage of 97.8% indicates that homes are typically selling close to their asking price. This is good news for sellers, as it suggests strong buyer demand and limited room for negotiation.
Finally, the Median Sold Price of $317,000 gives buyers and sellers a benchmark for pricing and offers insight into the overall health of the market. With a higher median price, sellers may feel confident in listing their homes at competitive prices, while buyers may need to be prepared to pay closer to asking prices.
Overall, these metrics show a dynamic real estate market with favorable conditions for both buyers and sellers. Buyers may benefit from increased inventory and competitive pricing, while sellers can take advantage of strong demand and quick sales. It is important for all parties to stay informed and work with a qualified 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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