As a professional in the real estate industry, it is important to understand the correlation between various key metrics in order to make informed decisions as a buyer or seller.
The Months Supply of Inventory is a crucial metric that indicates the balance between supply and demand in the real estate market. A lower number suggests a seller’s market, while a higher number indicates a buyer’s market. In this case, the Months Supply of Inventory is 4.24, which falls within a balanced market range.
The 12-Month Change in Months of Inventory is at +70.28%, indicating a significant increase in inventory over the past year. This could potentially lead to a shift towards a buyer’s market as the supply of homes outpaces demand.
The Median Days Homes are On the Market is 40, which is a relatively short amount of time in which homes are being sold. This suggests a healthy level of buyer interest and activity in the market.
The Sold to List Price Percentage is 97.1%, indicating that homes are typically selling close to their listing price. This could be a reflection of a competitive market where sellers are pricing their homes accurately and buyers are willing to pay close to the asking price.
Finally, the Median Sold Price of $372,000 provides insight into the overall pricing trends in the market. This number can help buyers and sellers understand the current value of homes in the area and make informed decisions about their real estate transactions.
Overall, these metrics suggest a market that is balanced, with a healthy level of buyer activity and competitive pricing. Buyers and sellers should pay attention to these key indicators to navigate the real estate market effectively and make informed decisions.
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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