As a real estate professional, it is important to understand the correlation between various metrics in the market in order to provide valuable insights to both buyers and sellers.
First, let’s look at the Months Supply of Inventory, which currently stands at 4.01. This metric indicates the number of months it would take to sell all the current inventory of homes on the market. A lower number typically signifies a seller’s market, while a higher number suggests a buyer’s market.
The 12-Month Change in Months of Inventory has increased by a significant 34.56%. This indicates that the market may be shifting towards a buyer’s market, as there is now more inventory available compared to the previous year. This could potentially lead to more negotiating power for buyers.
The Median Days Homes are On the Market is 30, which is a relatively short amount of time. This suggests that homes are selling quickly in this market, potentially due to high demand and low inventory levels.
The List to Sold Price Percentage is 97.1%, 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 $350,000. This figure provides a snapshot of the market’s overall pricing trend. It is important for both buyers and sellers to be aware of median prices in order to make informed decisions.
In conclusion, the current market conditions suggest a balanced market with healthy activity. Buyers may have more options to choose from due to the increase in inventory, while sellers can still expect to sell their homes relatively quickly and close to their asking price. It is crucial for both buyers and sellers to work with a knowledgeable real estate agent who can provide guidance in navigating these market dynamics.
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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