As a real estate professional, it is important to understand how these key metrics are interconnected and how they can impact both buyers and sellers in the current market.
The Months Supply of Inventory is a crucial indicator of the balance between supply and demand in the housing market. With a current rate of 2.81 months, this suggests that there is a relatively low inventory of homes available for sale compared to the level of demand from buyers.
The 12-Month Change in Months of Inventory has increased by +6.04%, indicating a slight increase in the amount of time it would take to sell all the current inventory at the current sales pace. This could be due to a variety of factors such as seasonality, economic conditions, or shifts in buyer preferences.
The Median Days Homes are On the Market at 19 days highlights the fast-paced nature of the current market. Homes are selling quickly, indicating strong demand and potentially multiple offers on desirable properties.
The List to Sold Price Percentage of 98.3% shows that sellers are receiving close to their asking price, indicating a competitive market where buyers are willing to pay close to the list price for properties.
Lastly, the Median Sold Price of $415,793 gives buyers and sellers an idea of the current market value of homes in the area. This can help both parties make informed decisions when buying or selling a property.
Overall, these metrics paint a picture of a market with low inventory, quick sales, and strong demand from buyers. Sellers may benefit from listing their homes at competitive prices, while buyers should be prepared to act quickly in order to secure a property in this competitive market.
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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