In the current real estate market, there is a correlation between the Months Supply of Inventory, the 12-Month Change in Months of Inventory, the Median Days Homes are On the Market, the List to Sold Price Percentage, and the Median Sold Price that buyers and sellers should be aware of.
The Months Supply of Inventory is currently 3.58, indicating that there is a relatively low supply of homes available for sale compared to the demand from buyers. This low inventory level can lead to increased competition among buyers and potentially higher selling prices for sellers.
The 12-Month Change in Months of Inventory is +61.26%, showing a significant increase in the supply of homes on the market compared to the previous year. This increase in inventory could potentially lead to a more balanced market and less competition among buyers, which may result in more negotiable prices for sellers.
The Median Days Homes are On the Market is 22, indicating that homes are selling relatively quickly. This quick turnover time can be attributed to the low inventory levels and high demand in the current market.
The List to Sold Price Percentage is 92.4%, meaning that homes are typically selling for 92.4% of their list price. This percentage suggests that sellers are pricing their homes competitively and buyers are willing to pay close to the asking price.
Finally, the Median Sold Price is $240,000, giving buyers and sellers an idea of the average selling price in the current market. This median price point can serve as a reference for both buyers and sellers when determining their own pricing strategies.
Overall, the correlation between these real estate metrics suggests a dynamic and potentially competitive market for both buyers and sellers. Buyers may need to act quickly and be prepared to make competitive offers, while sellers may benefit from pricing their homes strategically to attract buyers in a market with increasing inventory levels.
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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