As we analyze the current real estate market data, we can see a correlation between several key metrics that are important for both buyers and sellers to consider.
First, let’s look at the Months Supply of Inventory, which is currently at 2.67. This number represents how many months it would take to sell all the current inventory of homes on the market at the current sales pace. A lower number indicates a seller’s market, while a higher number indicates a buyer’s market.
The 12-Month Change in Months of Inventory is +63.8%, showing a significant increase in the amount of time it would take to sell all available homes. This could be an indication of a shift towards a more balanced market or potentially a buyer’s market.
The Median Days Homes are On the Market is 14, which is a relatively fast turnover time. This indicates that homes are selling quickly, likely due to high demand and low inventory.
The List to Sold Price Percentage is 99.3%, showing that homes are selling very close to their listing price. This suggests that sellers are pricing their homes accurately and buyers are willing to pay close to the asking price.
Finally, the Median Sold Price is $314,450, which is an important figure for both buyers and sellers to consider when determining the value of a home in the current market.
Overall, these metrics suggest a competitive real estate market with low inventory and high demand, leading to quick sales and homes selling close to their listing price. Buyers should be prepared to act quickly and potentially pay close to the asking price, while sellers may have the advantage of selling their homes relatively quickly at a price close to their desired amount.
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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