As a real estate professional, it is important to understand the correlation between various metrics in the market in order to provide valuable insights to both buyers and sellers.
Firstly, let’s look at the Months Supply of Inventory, which currently stands at 3.77. This metric indicates the number of months it would take to sell all the current inventory of homes on the market if no new listings were added. A lower months supply of inventory typically indicates a seller’s market, where demand exceeds supply, leading to higher prices and quicker sales.
The 12-Month Change in Months of Inventory is +46.69%, showing a significant increase in the number of months it would take to sell all current inventory compared to the previous year. This could suggest a shifting market with potentially more inventory available, giving buyers more options and possibly leading to a more balanced market.
The Median Days Homes are On the Market is 39, indicating the average number of days it takes for a home to sell once listed. A lower number of days on the market suggests high demand and competitive pricing, while a higher number may indicate a slower market with less demand.
The Sold to List Price Percentage is 96.6%, showing that homes are selling for approximately 96.6% of their list price on average. This metric gives insight into the level of negotiation happening in the market and can be used by sellers to set realistic expectations for their listing price.
Lastly, the Median Sold Price is $342,961, providing a benchmark for the average price at which homes are selling in the market. Buyers can use this information to understand the current market value of homes in their desired area, while sellers can use it to set competitive listing prices.
Overall, these metrics are interconnected and can provide valuable information to both buyers and sellers in navigating the real estate market. Understanding these correlations can help individuals make informed decisions when buying or selling a home.
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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