As a professional in the real estate industry, it is important to understand the correlation between these key metrics in order to make informed decisions as a buyer or seller.
The Months Supply of Inventory is a metric that measures how long it would take for all current homes on the market to sell at the current sales pace. In this case, the Months Supply of Inventory is 3.23, indicating a balanced market where buyers and sellers have relatively equal bargaining power.
The 12-Month Change in Months of Inventory is a significant metric to consider, as it shows a +27.17% increase in inventory over the past year. This increase could potentially indicate a shift towards a buyer’s market, where there may be more options available for buyers to choose from.
The Median Days Homes are On the Market is 28, which is a relatively low number and suggests that homes are selling quickly in this market. This could be due to high demand or competitive pricing strategies by sellers.
The List to Sold Price Percentage is 97.7%, indicating that homes are generally selling close to their list price. This could be a reflection of a strong seller’s market where demand is high and competition among buyers is driving prices up.
Lastly, the Median Sold Price of $405,000 provides insight into the overall pricing trends in the market. This could be a helpful benchmark for both buyers and sellers to understand the current market value of homes in the area.
In summary, these metrics collectively paint a picture of a real estate market that is relatively balanced, with a healthy level of inventory and strong demand from buyers. However, the increase in inventory over the past year could potentially signal a shift towards a buyer’s market in the near future. Buyers and sellers should consider these metrics carefully when making decisions in the current 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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