As a real estate professional, it is important to understand the correlation between various metrics to help both buyers and sellers make informed decisions in the market.
First, let’s look at the Months Supply of Inventory, which currently stands at 3.25. This metric represents how long it would take for all the current homes on the market to sell at the current pace of sales. A lower number indicates a seller’s market, while a higher number indicates a buyer’s market.
The 12-Month Change in Months of Inventory has increased by +44.44%, showing that there has been a significant increase in the number of homes available for sale compared to the previous year. This could indicate a shift towards a more balanced market, providing buyers with more options.
The Median Days Homes are On the Market is 25, which indicates that homes are selling relatively quickly in this market. This could be due to high demand, competitive pricing, or desirable location.
The List to Sold Price Percentage is at 98%, showing that homes are typically selling very close to their listing price. This could be a result of strong buyer demand or well-priced listings.
Lastly, the Median Sold Price is $407,500, providing an insight into the average price at which homes are selling in this market. This information can be valuable for both buyers and sellers in determining their pricing strategy.
Overall, these metrics suggest a market that is relatively balanced, with homes selling quickly and close to their listing price. Buyers may have more options to choose from, while sellers can expect to receive competitive offers. It is important for both parties to work with a knowledgeable real estate agent to navigate these market conditions 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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