As a real estate professional, it is important to understand the correlation between key metrics in the market to provide valuable insights to buyers and sellers.
The Months Supply of Inventory is currently at 2.57, indicating a seller’s market where the demand for homes exceeds the available inventory. This low inventory level typically leads to quicker sales and higher prices.
The 12-Month Change in Months of Inventory is +35.26%, showing an increase in inventory compared to the previous year. This could be a sign of a shifting market where supply is catching up with demand, potentially leading to more balanced conditions in the future.
The Median Days Homes are On the Market is 30, suggesting that properties are selling relatively quickly in this market. This is a positive indicator for sellers as it shows strong buyer interest and competition for homes.
The Sold to List Price Percentage is 97.3%, demonstrating that homes are typically selling very close to their list price. This is a good sign for sellers as it indicates that buyers are willing to pay close to the asking price for properties in this market.
The Median Sold Price of $299,000 reflects the average price at which homes are selling in this market. This information is valuable for both buyers and sellers as it gives an indication of the overall pricing trends in the area.
Overall, these metrics suggest a competitive market with low inventory, quick sales, and strong buyer interest. Sellers can expect to receive offers close to their asking price, while buyers may need to act fast and be prepared to make competitive offers in order to secure a home in this market. It is important for both buyers and sellers to stay informed and work with a knowledgeable real estate professional to navigate the current market conditions successfully.
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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