As a real estate professional, it is important to understand the correlation between key metrics in the market to help buyers and sellers make informed decisions.
First, let’s look at the Months Supply of Inventory, which currently stands at 3.04. This metric represents the number of months it would take to sell all the current listings on the market at the current sales pace. A lower number 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 +29.91%, indicating an increase in the supply of homes on the market compared to the previous year. This could suggest a shift towards a more balanced market, giving buyers more options and potentially leading to longer days on the market.
Speaking of days on the market, the Median Days Homes are On the Market is 27. This is a relatively low number, suggesting that homes are selling quickly in this market. However, with the increase in inventory, we may see this number trend upwards in the coming months.
The List to Sold Price Percentage is 98.1%, indicating that homes are typically selling very close to their list price. This could be a result of strong demand and competition among buyers.
Lastly, the Median Sold Price is $344,500. This is a key indicator of market values and can help both buyers and sellers understand the current pricing trends in the area.
Overall, these metrics suggest a dynamic and potentially shifting market. Buyers may have more options and slightly more negotiating power, while sellers should be aware of market conditions and price their homes competitively to maximize their chances of a quick sale. Keeping an eye on these metrics can help both buyers and sellers navigate the real estate market with confidence.
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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