As a professional in the real estate industry, it is important to understand the correlation between various metrics to make informed decisions when buying or selling a property.
First, let’s look at the Months Supply of Inventory, which is currently at 2.36. This metric indicates how long it would take for all the current listings on the market to be sold at the current pace of sales. A lower number like 2.36 suggests a seller’s market, where demand exceeds supply.
The 12-Month Change in Months of Inventory is +39.64%, indicating an increase in the supply of homes on the market compared to the previous year. This could potentially shift the market towards a more balanced or even a buyer’s market in the future.
The Median Days Homes are On the Market is 10, which is a relatively short period of time. This suggests that properties are selling quickly in this market, which could be due to high demand and low inventory.
The List to Sold Price Percentage is 99.2%, indicating that homes are typically selling very close to their asking price. This suggests that sellers are pricing their properties competitively and buyers are willing to pay close to the asking price.
Lastly, the Median Sold Price is $390,807, reflecting the average price at which homes are selling in this market. This metric gives buyers and sellers an idea of the current market value of properties in the area.
In conclusion, the low Months Supply of Inventory, short Median Days on the Market, and high List to Sold Price Percentage suggest a competitive and fast-moving market with strong demand. However, the increase in Months of Inventory over the past year may indicate a shift towards a more balanced market in the future. Buyers and sellers should take these metrics into consideration when making real estate decisions 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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