As a professional in the real estate market, it is essential to understand the correlation between various metrics to make informed decisions as a buyer or seller.
The Months Supply of Inventory is a key indicator of market health, currently standing at 3.89. This figure represents the number of months it would take to sell all current listings at the current sales pace. A lower number typically indicates a seller’s market, while a higher number suggests a buyer’s market.
The 12-Month Change in Months of Inventory has seen a significant increase of +150.97%. This sharp rise in inventory can be attributed to various factors such as an increase in new listings or a decrease in sales activity. Buyers may find more options available in the market due to this increase.
The Median Days Homes are On the Market is 20, indicating that properties are selling relatively quickly. This can be a positive sign for sellers looking to make a timely sale. Buyers should be prepared to act swiftly in a fast-moving market.
The Sold to List Price Percentage is at a strong 98.5%. This figure shows that, on average, homes are selling very close to their listing price. Sellers can expect to receive a high percentage of their asking price in this market.
Lastly, the Median Sold Price is $445,750, providing a benchmark for the average selling price in the market. Buyers and sellers can use this figure to gauge the value of properties and make informed decisions on pricing.
Overall, these metrics indicate a market that is balanced and active, with opportunities for both buyers and sellers. It is important to consider these factors when navigating the real estate market to ensure a successful transaction.
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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