Hi Friends, as a professional in the real estate industry, it is important to understand the correlation between various metrics to make informed decisions when buying or selling a property.
The Months Supply of Inventory is a key indicator of the balance between supply and demand in the housing market. A low supply of inventory at 2.7 months suggests a seller’s market, where there are more buyers than available properties. This can lead to higher competition among buyers and potentially higher prices.
The 12-Month Change in Months of Inventory increasing by 33% indicates a shift towards a more balanced market. This could mean that there are more properties available for sale compared to the previous year, potentially giving buyers more options to choose from.
The Median Days Homes are On the Market at 136 days suggests that properties are taking longer to sell. This could be due to various factors such as pricing, location, or market conditions. Sellers may need to adjust their pricing strategy or marketing efforts to attract more buyers.
The List to Sold Price Percentage of 97.6% indicates that on average, properties are selling close to their list price. This can be a helpful metric for both buyers and sellers to gauge the level of negotiation in the market and make informed decisions on pricing.
Lastly, the Median Sold Price of $724,000 gives buyers and sellers a benchmark for property values in the market. Understanding the median sold price can help buyers determine if a property is priced competitively and sellers to set a realistic asking price.
In conclusion, these real estate metrics provide valuable insights into the current market conditions and trends. Buyers and sellers can use this information to make informed decisions and navigate the real estate 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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