As a real estate professional, it is important to understand the correlation between various metrics in order to provide valuable insights to both buyers and sellers. Let’s dive into the data to see how these metrics are interconnected.
First, let’s look at the Months Supply of Inventory, which currently stands at 3.88. This metric indicates how long it would take for all the current homes on the market to be sold, given the current pace of sales. A lower number typically signifies a seller’s market, where demand exceeds supply.
The 12-Month Change in Months of Inventory has seen a significant increase of +38.08%. This suggests that the market has become more favorable for buyers, as there are more homes available for sale compared to the previous year.
The Median Days Homes are On the Market is 29, which is a relatively short amount of time. This indicates that homes are selling quickly, likely due to strong demand and limited inventory.
The List to Sold Price Percentage is 96.8%, showing that homes are generally selling very close to their list price. This could be a result of competitive pricing strategies and high demand in the market.
Lastly, the Median Sold Price is $374,900, giving a snapshot of the overall pricing trends in the market. This can be useful for both buyers and sellers in understanding the current value of homes in the area.
Overall, these metrics paint a picture of a dynamic real estate market with low inventory, high demand, and competitive pricing. Buyers may need to act quickly to secure a home, while sellers may find themselves in a strong position to negotiate favorable terms. It is important for both parties to stay informed and work with a knowledgeable real estate agent to navigate these market conditions 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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