As a potential buyer or seller in the current real estate market, it is important to understand the correlation between key metrics to make informed decisions.
The Months Supply of Inventory is a crucial indicator that shows how long it would take for all current listings to sell at the current pace of sales. With a relatively low figure of 2.89 months, this suggests a seller’s market where demand outpaces supply.
The 12-Month Change in Months of Inventory has increased by +27.88%, indicating a slight shift towards a more balanced market. This could mean more options for buyers and less pressure on sellers.
The Median Days Homes are On the Market at 23 days indicates a quick turnover rate, reflecting the high demand for properties in the area. This can benefit sellers looking to sell quickly and buyers needing to act fast.
The List to Sold Price Percentage at 98.3% shows that properties are selling close to their list price, demonstrating a strong market where sellers have negotiating power.
Finally, the Median Sold Price of $336,370 gives an idea of the average price of homes sold in the area. This can help both buyers and sellers understand the market value of properties and make informed decisions.
Overall, these metrics suggest a dynamic real estate market with opportunities for both buyers and sellers. It is crucial to stay informed and work with a knowledgeable real estate professional to 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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