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.
The Months Supply of Inventory is a metric that indicates the number of months it would take to sell all the current homes on the market at the current sales pace. In this case, the Months Supply of Inventory is 2.88, which is relatively low. A low Months Supply of Inventory typically indicates a seller’s market, where demand exceeds supply, leading to higher prices and quicker sales.
The 12-Month Change in Months of Inventory is +30.32%, showing an increase in inventory over the past year. This increase could potentially shift the market towards a more balanced or even a buyer’s market, as more homes are available for sale.
The Median Days Homes are On the Market is 21, indicating that homes are selling relatively quickly in this market. A low number of days on the market suggests high demand and competitive pricing.
The List to Sold Price Percentage is 97.2%, showing that homes are selling close to their list price. This can be a reassuring statistic for sellers, as it indicates that properties are being priced accurately and buyers are willing to pay close to the asking price.
Lastly, the Median Sold Price is $417,500, which gives buyers and sellers an idea of the average price of homes in the market. This information can be helpful for both parties in determining fair market value and making informed decisions.
Overall, the data suggests a market that is favorable for sellers, with low inventory, quick sales, and homes selling close to their list price. However, the increase in inventory over the past year could potentially signal a shift towards a more balanced market in the future. Buyers and sellers should carefully consider these metrics when making real estate decisions in this 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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