Hi Friends, as a real estate professional, it is important to understand the correlation between key metrics in the market to make informed decisions when buying or selling a property.
The Months Supply of Inventory is a crucial indicator of the balance between supply and demand in the market. A lower supply of inventory, such as the current rate of 2.25 months, typically indicates a seller’s market where competition among buyers is high. This can lead to faster sales and potentially higher prices for sellers.
The 12-Month Change in Months of Inventory, which shows a decrease of -20.21%, further supports the idea of a seller’s market. This decline suggests that demand is outpacing supply, leading to a more competitive market for buyers.
The Median Days Homes are On the Market, at 29 days, also reflects the fast-paced nature of the current market. Homes are selling quickly, which can be advantageous for sellers looking to make a swift transaction.
The List to Sold Price Percentage of 95.3% indicates that homes are generally selling close to their listing price. This can be reassuring for sellers who are looking to receive a fair market value for their property.
Lastly, the Median Sold Price of $254,990 gives buyers and sellers a benchmark for pricing expectations in the market. This figure, combined with the other metrics, paints a picture of a dynamic and competitive real estate market that can benefit both buyers and sellers.
Overall, these metrics suggest a market that is favorable for sellers due to low inventory, quick sales, and strong pricing. However, buyers can still find opportunities in this market by acting swiftly and being prepared to make competitive offers. It is essential for all parties involved to stay informed and work with a knowledgeable real estate professional to navigate the current market conditions 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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