As a prospective buyer or seller in the current real estate market, it is important to understand the correlation between key metrics to make informed decisions.
The Months Supply of Inventory is a crucial metric that measures the number of months it would take to sell all the current listings on the market based on the current sales pace. With a Months Supply of Inventory of 3.8, this indicates a balanced market where supply and demand are relatively equal.
The 12-Month Change in Months of Inventory at +40.22% shows an increase in inventory levels over the past year, which could potentially lead to more options for buyers but also more competition for sellers.
The Median Days Homes are On the Market at 35 days suggests that properties are selling relatively quickly, indicating a strong demand in the market.
The Sold to List Price Percentage of 98% shows that homes are typically selling close to their listing price, which is a positive sign for sellers.
Lastly, the Median Sold Price of $300,000 gives an indication of the average price at which homes are selling in the market.
Overall, these metrics paint a picture of a balanced market with steady demand, quick sales, and prices close to listing values. Buyers can expect a good selection of homes, while sellers can anticipate selling their properties at a competitive price. It is important for both buyers and sellers to stay informed about market conditions and work with a knowledgeable real estate agent to navigate the current 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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