Hi Friends, when analyzing the real estate market, it is important to consider various metrics that provide insight into the current conditions. In this case, the Months Supply of Inventory is 3.77, indicating that there is a relatively low inventory of homes available for sale in comparison to the demand from buyers. This low supply can lead to a competitive market where homes may sell quickly and potentially for higher prices.
The 12-Month Change in Months of Inventory showing an increase of 6.8% suggests that the market may be experiencing a slight shift towards a more balanced state between supply and demand. This could mean that there are more homes coming onto the market, providing buyers with more options and potentially reducing competition.
With a Median Days Homes are On the Market of 58, we can see that homes are selling relatively quickly in this market. This could be due to the low inventory levels and high demand, driving buyers to make quicker decisions to secure a property.
The List to Sold Price Percentage of 96.5% indicates that homes are typically selling close to their listing price. This suggests that sellers are pricing their homes competitively and buyers are willing to pay close to the asking price.
Finally, the Median Sold Price of $363,500 gives us an indication of the average price at which homes are selling in this market. This information can be useful for both buyers and sellers in determining fair market value for a property.
Overall, these metrics paint a picture of a market with low inventory, high demand, and relatively quick sales. Buyers may need to act fast to secure a property, while sellers have the potential to fetch a good price for their home. It is essential for both buyers and sellers to stay informed about market conditions and work with a knowledgeable real estate professional to navigate the current landscape 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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