As a professional in the real estate industry, it is important to understand the correlation between key metrics to make informed decisions when buying or selling a property.
The Months Supply of Inventory is a crucial metric that indicates the balance between supply and demand in the market. With a value of 4.31, this suggests that there is a moderate level of inventory available for buyers to choose from.
The 12-Month Change in Months of Inventory, which has increased by +23.14%, indicates a shift towards a higher inventory level compared to the previous year. This could potentially lead to more options for buyers and potentially lower prices.
The Median Days Homes are On the Market is 35, which is a relatively quick turnaround time. This suggests that properties are selling at a steady pace, which can be beneficial for sellers looking to move their property quickly.
The List to Sold Price Percentage of 97.3% indicates that properties are typically selling close to their listing price. This can be reassuring for sellers, as it shows that buyers are willing to pay a price that is in line with the market value.
Finally, the Median Sold Price of $339,940 gives a snapshot of the average price at which properties are selling in the current market. This can be useful for both buyers and sellers to gauge the overall pricing trends in the area.
Overall, these metrics paint a picture of a market that is in balance, with a moderate level of inventory, quick turnaround times, and prices that are in line with market values. Buyers and sellers can use this information to make informed decisions and 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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