As we analyze the real estate metrics provided, we can see a correlation between these key factors that can provide valuable insights for both buyers and sellers in the current market.
First, let’s look at the Months Supply of Inventory, which stands at 3.49. This metric represents the number of months it would take to sell all currently listed homes at the current sales pace. A lower number indicates a seller’s market, while a higher number indicates a buyer’s market.
The 12-Month Change in Months of Inventory is at +41.3%, showing a significant increase in inventory compared to the previous year. This could indicate a shift towards a more balanced market, giving buyers more options and potentially leading to more negotiable prices.
The Median Days Homes are On the Market is 23 days, which indicates that homes are selling relatively quickly in this market. This could be a result of the low inventory and high demand, leading to competitive bidding situations.
The List to Sold Price Percentage is at 97.7%, showing that homes are typically selling very close to their listing price. This could indicate a strong seller’s market where buyers are willing to pay close to asking price to secure a property.
Finally, the Median Sold Price is $315,000, giving buyers and sellers an idea of the average price of homes in the current market. This can be used as a benchmark for pricing strategies and negotiations.
Overall, these metrics suggest a market that is competitive with low inventory, quick sales, and strong pricing. Buyers may need to act fast and be prepared to make competitive offers, while sellers may benefit from the current high demand and close-to-list pricing. Keeping an eye on these metrics can help both buyers and sellers make informed decisions in this dynamic real estate 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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