As a real estate professional, it is important to understand the correlation between key metrics in the market to make informed decisions whether you are buying or selling a property.
The Months Supply of Inventory currently stands at 3.09, indicating a balanced market where neither buyers nor sellers have a significant advantage. This metric represents the number of months it would take to sell all current listings at the current sales pace.
The 12-Month Change in Months of Inventory is -10.69%, showing a decrease in inventory over the past year. This decline indicates a tightening of the market and potentially increasing competition among buyers.
The Median Days Homes are On the Market is 40, which is a relatively short amount of time compared to other markets. This suggests that properties are selling quickly, which could be attributed to high demand and low inventory.
The List to Sold Price Percentage is 97.3%, indicating that properties are typically selling close to their list price. This shows that sellers are pricing their homes competitively, and buyers are willing to pay close to the asking price.
Finally, the Median Sold Price is $477,495, providing insight into the overall pricing trends in the market. This figure serves as a reference point for both buyers and sellers to understand the value of properties in the area.
In conclusion, the data suggests that the market is currently balanced with decreasing inventory, fast-selling properties, competitive pricing, and a median sold price of $477,495. Buyers and sellers should use this information to make informed decisions and navigate the real estate market 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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