As a prospective 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 metric that indicates the balance between supply and demand in the market. With a low value of 2, it suggests a seller’s market where demand exceeds supply, potentially leading to higher prices and quicker sales.
However, it is worth noting that the 12-Month Change in Months of Inventory has increased by +32.45%, indicating a slight shift towards a more balanced market. This increase in inventory could potentially lead to more options for buyers and less pressure on sellers.
The Median Days Homes are On the Market is a reflection of how quickly homes are selling. With a low median of 11 days, it indicates a fast-paced market where properties are in high demand and buyers need to act quickly.
The List to Sold Price Percentage of 98.7% suggests that sellers are getting close to their asking price, indicating a strong market with limited room for negotiation.
Finally, the Median Sold Price of $386,000 gives a snapshot of the average price at which homes are selling. This can be a helpful benchmark for both buyers and sellers to gauge market trends and make informed decisions.
Overall, these metrics paint a picture of a dynamic real estate market with strong demand, limited inventory, and competitive pricing. Buyers should act quickly and be prepared to make strong offers, while sellers can expect to see their properties sell close to their asking price. Understanding these correlations can help both buyers and sellers navigate the 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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