As a real estate professional, it is important to understand the correlation between various metrics in the market to help buyers and sellers make informed decisions.
First, let’s look at the Months Supply of Inventory, which currently stands at 3.51. This metric indicates how long it would take to sell all the homes on the market at the current pace of sales. A lower number typically indicates a seller’s market, where demand exceeds supply.
The 12-Month Change in Months of Inventory has seen a significant increase of +36.58%. This could suggest a shift towards a more balanced market, where supply and demand are more closely aligned.
The Median Days Homes are On the Market is 25, which is relatively low. This indicates that homes are selling quickly, likely due to high demand and low inventory levels.
The Sold to List Price Percentage is at a strong 98.1%, indicating that homes are selling close to their asking price. This could be a result of competitive bidding and limited inventory.
Finally, the Median Sold Price is $473,000, which gives buyers and sellers a clear idea of the current market value of homes in the area.
Overall, these metrics paint a picture of a competitive market with low inventory levels, high demand, and homes selling quickly at or close to asking prices. Buyers may need to act fast and be prepared to make strong offers, while sellers may find themselves in a favorable position to sell their homes quickly and at a good price. It’s important for both buyers and sellers to work with a knowledgeable real estate agent 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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