As a real estate professional, it is important to 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 3.77. This metric indicates the number of months it would take to sell all the current listings on the market at the current pace of sales. A lower months supply of inventory typically indicates a seller’s market, where there is high demand for homes and limited supply.
The 12-Month Change in Months of Inventory is +37.59%, showing a significant increase in inventory over the past year. This could be an indication of a shifting market towards a more balanced or even a buyer’s market, where there is more inventory available for buyers to choose from.
The Median Days Homes are On the Market is 33, which is relatively low and suggests that homes are selling quickly in this market. This could be due to the high demand for homes and the limited inventory available.
The List to Sold Price Percentage is 97.9%, indicating that homes are typically selling very close to their list price. This could be a result of strong buyer demand and competition for homes in this market.
Lastly, the Median Sold Price is $299,000, which gives buyers and sellers an idea of the average price of homes selling in the market. This metric can help sellers determine the right pricing strategy for their home and give buyers an understanding of what they can expect to pay in this market.
In conclusion, the current market conditions show a low months supply of inventory, quick sales, and homes selling close to their list price. However, the increase in inventory over the past year could signal a shift towards a more balanced market. Buyers and sellers should closely monitor these metrics to make informed decisions in this dynamic 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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