As a potential buyer or seller in today’s real estate market, it is important to understand the correlation between various key metrics in order to make informed decisions.
The Months Supply of Inventory is a crucial indicator of market conditions, and at 2.48 months, it suggests a relatively low level of inventory available for sale. This low supply can lead to increased competition among buyers, potentially driving up prices.
The 12-Month Change in Months of Inventory at +14.29% indicates a slight increase in inventory levels over the past year. While this may suggest a slight shift towards a more balanced market, it is important to consider the overall low inventory levels in relation to demand.
With a Median Days Homes are On the Market of 31 days, it is clear that well-priced homes are selling relatively quickly in this market. This quick turnover time can be attributed to the low inventory levels and high demand from buyers.
The List to Sold Price Percentage of 96.7% indicates that sellers are generally receiving close to their asking price when selling their homes. This suggests a strong seller’s market where buyers may need to act quickly and make competitive offers.
Lastly, the Median Sold Price of $384,900 gives insight into the average price at which homes are selling in this market. It is important for buyers and sellers to consider this median price when setting expectations or making offers.
Overall, these metrics suggest a competitive real estate market with low inventory levels, quick turnover times, and strong seller’s market conditions. Buyers should be prepared to act quickly and make competitive offers, while sellers may benefit from pricing their homes competitively to attract buyers in this 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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