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 4.22. This metric indicates the number of months it would take to sell all the current inventory on the market at the current pace of sales. A lower months supply of inventory typically indicates a seller’s market, while a higher months supply of inventory indicates a buyer’s market.
The 12-Month Change in Months of Inventory has increased by +143.93%, suggesting that the market has shifted towards a buyer’s market. This increase in inventory could be attributed to a decrease in demand or an increase in new listings entering the market.
The Median Days Homes are On the Market is 28, indicating that homes are selling relatively quickly. This could be due to a combination of factors such as competitive pricing, desirable location, and effective marketing strategies.
The Sold to List Price Percentage is 97.7%, showing that homes are generally selling close to their list price. This could indicate that sellers are pricing their homes effectively and buyers are willing to pay close to the asking price.
Finally, the Median Sold Price is $390,000. This metric gives sellers an idea of the average price at which homes are selling in the market, while buyers can use this information to determine if the market is within their budget.
Overall, these metrics paint a picture of a market that is balanced between buyers and sellers, with homes selling relatively quickly and close to their list price. Buyers can expect a good selection of inventory to choose from, while sellers may need to be mindful of pricing strategies to attract potential buyers.
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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