As a professional in the real estate industry, it is important to understand the correlation between key metrics to provide valuable insights to both buyers and sellers.
The Months Supply of Inventory, which currently stands at 3.43, indicates the number of months it would take for all current homes on the market to be sold given the current sales pace. A lower number typically signifies a seller’s market, while a higher number indicates a buyer’s market.
The 12-Month Change in Months of Inventory has increased by +69.8%, pointing towards a potential shift in the market dynamics. This significant uptick suggests that there are more homes available for sale compared to the previous year, potentially giving buyers more options to choose from.
The Median Days Homes are On the Market, at 40 days, indicates the average amount of time it takes for a home to sell once it is listed. A lower number suggests a faster-paced market, while a higher number may indicate a slower-moving market.
The Sold to List Price Percentage, currently at 97.2%, shows the average percentage of the listing price that homes are selling for. A higher percentage typically signifies a strong seller’s market, where homes are selling close to or above their listing price.
Lastly, the Median Sold Price of $425,000 reflects the midpoint price of all homes sold in the market. This metric gives both buyers and sellers an indication of the current market value for homes in the area.
In summary, the increase in Months Supply of Inventory, along with the relatively high Sold to List Price Percentage, suggests that while there may be more inventory available, homes are still selling close to their listing price. Sellers may need to adjust their pricing strategy accordingly, while buyers may benefit from increased choices and potentially more negotiation power. The Median Days Homes are On the Market indicates a relatively quick sales pace, which could be advantageous for both buyers and sellers looking to make a move in the current market conditions.
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.
Download our FREEBIES here!
The Ultimate Home Buyer’s Guide
The Ultimate Home Seller’s Guide
Find us on YouTube!
#jenniferyoingcorealtor #jenniferyoingco #JenniferYoingcoTexas #houstonsuburb #houstonsuburbs #houstonsuburbgroup #texasrelocationexperts #HoustonRelocationExpert #HoustonRelocationSpecialist #NurseRelocationExpert #NurseRelocationSpecialist #newhomeconstruction #thehighlands #ravennahomes #ravennahomesforsale #ravennahomesrealtor #ravennahomesrealestateagent #springtexas #tomballtexas #livinginhoustontexas #livinginhouston #thewoodlandstexas #conroetexas #montgomerytexas #cypresstexas #newcaneytexas #portertexas #katytexas #pearlandtexas #richmondtexas #fulsheartexas #sugarlandtexas #houstontexas #magnoliatexas #hockleytexas #pinehursttexas #jerseyvillagetexas #humbletexas
