As a professional in the real estate industry, it is important to understand the correlation between key metrics to make informed decisions when buying or selling a property.
The Months Supply of Inventory is a crucial metric that indicates the balance between supply and demand in the market. With a current value of 3.87 months, this suggests that there is a relatively low inventory of homes available for sale compared to the level of demand.
The 12-Month Change in Months of Inventory, which has increased by +39.21%, points towards a potential shift in the market dynamics. This significant increase indicates a potential increase in the number of homes available for sale, which could lead to a more balanced market in the future.
The Median Days Homes are On the Market, at 32 days, indicates that properties are selling relatively quickly in the current market conditions. This is a positive sign for sellers as it suggests a strong demand for homes in the area.
The List to Sold Price Percentage, at 97.8%, shows that homes are typically selling very close to their list price. This indicates a competitive market where sellers are able to achieve close to their asking price.
Finally, the Median Sold Price of $302,500 provides valuable insight into the average price at which homes are selling in the market. This information can be used by both buyers and sellers to understand the current value of properties in the area.
In summary, the low Months Supply of Inventory, increasing 12-Month Change in Months of Inventory, quick Median Days Homes are On the Market, high List to Sold Price Percentage, and average Median Sold Price all suggest a competitive market with strong demand and potential opportunities for both buyers and sellers. It is important to consider these metrics when making real estate decisions in order to maximize your success in the 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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