As a real estate professional, it is important to understand the correlation between key metrics in the market to make informed decisions when buying or selling a property.
The Months Supply of Inventory is a crucial metric that reflects the balance between supply and demand in the market. A lower number indicates a seller’s market, while a higher number suggests a buyer’s market. In this case, the Months Supply of Inventory is 4.8, which indicates a relatively balanced market.
The 12-Month Change in Months of Inventory is +63.82%, showing a significant increase in inventory over the past year. This could be due to a higher number of new listings or a decrease in buyer demand.
The Median Days Homes are On the Market is 55, which is a moderate number indicating that properties are selling at a reasonable pace. A lower number may suggest a competitive market, while a higher number could indicate slower sales.
The Sold to List Price Percentage is 97.6%, which shows that properties are typically selling very close to their listing price. This is a positive sign for sellers, indicating that they are receiving strong offers on their homes.
Lastly, the Median Sold Price is $339,000, giving buyers and sellers an idea of the current market value of homes in the area. This can be used as a reference point when pricing a property or making an offer.
Overall, these metrics suggest that the market is relatively balanced, with a healthy level of inventory and strong buyer interest. Sellers can expect to receive offers close to their asking price, while buyers may find good value in the current market conditions. It is important to stay informed and work with a knowledgeable real estate agent to 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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