As a real estate professional, it is important to analyze and understand the correlation between various metrics in the market to provide valuable insights to both buyers and sellers.
First, let’s look at the Months Supply of Inventory, which currently stands at 3.33. This metric indicates how long it would take for all the current listings to sell at the current sales pace. A lower months supply of inventory typically signifies a seller’s market, where there is high demand for homes compared to the supply available.
The 12-Month Change in Months of Inventory has increased by +62.44%, indicating a shift towards a more balanced market. This increase may be attributed to an increase in new listings or a decrease in sales activity.
The Median Days Homes are On the Market is 23, showcasing the speed at which homes are selling in the current market. A lower number of days on the market indicates high demand and competitive pricing.
The List to Sold Price Percentage is at 98.1%, showing that homes are selling very close to their listing price. This metric suggests that sellers are pricing their homes effectively and buyers are willing to pay close to the asking price.
Finally, the Median Sold Price is $294,250, reflecting the average price at which homes are selling in the market. This information can be useful for both buyers and sellers in determining fair market value for properties.
In conclusion, the current real estate market appears to be in a balanced state with a reasonable supply of inventory, quick sales, and homes selling at close to their listing price. Buyers and sellers can use this information to make informed decisions 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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