As a real estate professional, it is important to understand how various metrics are interrelated in the housing market to provide valuable insights to both buyers and sellers.
First, let’s look at the Months Supply of Inventory, which currently stands at 3.47 months. This metric indicates the number of months it would take to sell all existing inventory at 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 is +21.33%, indicating an increase in the amount of time it would take to sell all available homes. This could suggest a shift towards a more balanced market, with supply starting to outpace demand.
The Median Days Homes are On the Market is 15 days, a relatively short period. This signifies that homes are selling quickly, likely due to high demand and limited inventory. Sellers can expect a faster turnaround time on their listings.
The List to Sold Price Percentage is 98.3%, indicating that homes are generally selling close to their listing price. This suggests that sellers are pricing their homes effectively and buyers are willing to pay close to the asking price.
Lastly, the Median Sold Price is $389,000, providing a benchmark for both buyers and sellers in the market. This figure reflects the typical price at which homes are selling, giving insight into the overall market value.
In summary, these metrics collectively paint a picture of a competitive real estate market with low inventory and high demand. Sellers can expect quick sales at or near their listing price, while buyers may need to act fast and potentially pay close to the asking price. Understanding these correlations can help both parties make informed decisions in the current market conditions.
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.
Download our FREEBIES here!
The Ultimate Home Buyer’s Guide
The Ultimate Home Seller’s Guide
Find us on YouTube!
#jenniferyoingcorealtor #jenniferyoingco #JenniferYoingcoTexas #houstonsuburb #houstonsuburbs #houstonsuburbgroup #texasrelocationexperts #HoustonRelocationExpert #HoustonRelocationSpecialist #NurseRelocationExpert #NurseRelocationSpecialist #newhomeconstruction #thehighlands #ravennahomes #ravennahomesforsale #ravennahomesrealtor #ravennahomesrealestateagent #springtexas #tomballtexas #livinginhoustontexas #livinginhouston #thewoodlandstexas #conroetexas #montgomerytexas #cypresstexas #newcaneytexas #portertexas #katytexas #pearlandtexas #richmondtexas #fulsheartexas #sugarlandtexas #houstontexas #magnoliatexas #hockleytexas #pinehursttexas #jerseyvillagetexas #humbletexas
