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 2.74. This metric represents the number of months it would take to sell all the homes currently on the market if no new listings were added. A lower months supply indicates a seller’s market, while a higher supply indicates a buyer’s market.
The 12-Month Change in Months of Inventory is +9.16%, indicating an increase in the number of months it would take to sell all existing inventory. This could suggest a shift towards a more balanced market or even a buyer’s market, as inventory levels are increasing.
The Median Days Homes are On the Market is 38, which is relatively low and suggests that homes are selling quickly in this market. This could be due to high demand and low inventory levels, leading to a competitive market for buyers.
The Sold to List Price Percentage is 95.2%, indicating that homes are selling for approximately 95.2% of their listing price on average. This suggests that sellers may have some negotiating power, but buyers are still able to find deals in this market.
Lastly, the Median Sold Price is $476,250, giving buyers and sellers an idea of the average price at which homes are selling in the market. This can help sellers price their homes competitively and help buyers understand what they can expect to pay for a home in this market.
Overall, these metrics paint a picture of a competitive market with low inventory levels, quick sales, and homes selling close to their listing prices. Buyers and sellers should be prepared for fast-moving transactions and potentially multiple offers on desirable properties. It is important for both parties to work with a knowledgeable real estate agent who can navigate this market effectively.
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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