As a professional in the real estate industry, it is important to understand the correlation between various metrics to make informed decisions when buying or selling a property.
First, let’s look at the Months Supply of Inventory, which currently stands at 4.07. This metric indicates how long it would take for all the current homes on the market to be sold at the current pace of sales. A lower supply of inventory generally results in higher demand and could lead to an increase in prices.
The 12-Month Change in Months of Inventory is +22.96%, showing a significant increase in the supply of homes on the market compared to the previous year. This could potentially indicate a shift towards a buyer’s market, where there are more homes available for sale.
The Median Days Homes are On the Market is 41, which is a relatively short period. This suggests that homes are selling quickly, possibly due to high demand or competitive pricing.
The List to Sold Price Percentage is 97.5%, indicating that homes are typically selling very close to their listing price. This could be a result of pricing homes accurately from the start or negotiation skills of sellers and buyers.
Finally, the Median Sold Price is $322,818, giving buyers and sellers an idea of the average price of homes in the market. This metric can be used as a benchmark when pricing a property or making an offer.
Overall, these metrics paint a picture of a market with moderate inventory, homes selling relatively quickly, and prices holding steady. Buyers may find opportunities in a market with increased inventory, while sellers may need to price competitively to attract buyers. It is important for both buyers and sellers to stay informed on these metrics to make well-informed decisions in the real estate market.
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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