As a potential buyer or seller in the current real estate market, it is important to understand the correlation between various key metrics to make informed decisions.
The Months Supply of Inventory is a measure of how long it would take for all the current homes on the market to be sold at the current pace of sales. With a Months Supply of Inventory at 5.17, this indicates a balanced market where neither buyers nor sellers have a significant advantage.
The 12-Month Change in Months of Inventory being at +44.01% suggests that there has been an increase in the number of homes available for sale over the past year. This could potentially lead to more options for buyers but also increased competition for sellers.
The Median Days Homes are On the Market being at 32 days indicates that homes are selling relatively quickly in this market. This could be due to factors such as high demand or competitive pricing.
The List to Sold Price Percentage being at 96.9% shows that homes are generally selling close to their list price. This could indicate a market where sellers are pricing their homes accurately and buyers are willing to pay close to the asking price.
Lastly, the Median Sold Price of $393,605 gives an indication of the average price at which homes are selling in this market. This information can be helpful for both buyers and sellers in determining fair market value for properties.
Overall, these metrics paint a picture of a real estate market that is balanced with a healthy level of inventory, homes selling quickly at close to their asking price, and a median sold price that is within a reasonable range. Buyers and sellers should use this data to guide their decision-making process and work with a knowledgeable real estate professional to navigate the market 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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