In the current real estate market, there is a strong correlation between the Months Supply of Inventory, the 12-Month Change in Months of Inventory, Median Days Homes are On the Market, Sold to List Price Percentage, and Median Sold Price.
The Months Supply of Inventory is a key indicator of market conditions, with a low supply suggesting a seller’s market and a high supply indicating a buyer’s market. In this case, the Months Supply of Inventory is 3.28, which is relatively low and indicates a seller’s market.
The 12-Month Change in Months of Inventory at 1.23% suggests that the market has experienced a slight increase in inventory over the past year. This could be a sign of a shifting market, potentially moving towards a more balanced market.
The Median Days Homes are On the Market at 17 days is a reflection of the fast-paced nature of the current market. Homes are selling quickly, which is good news for sellers looking to make a quick sale.
The Sold to List Price Percentage at 0.98% indicates that homes are selling very close to their list price. This suggests that sellers are pricing their homes accurately and buyers are willing to pay close to the asking price.
Finally, the Median Sold Price of $390,190 is a reflection of the overall market value of homes in the area. This price point is important for both buyers and sellers to consider when making real estate decisions.
Overall, these metrics paint a picture of a competitive real estate market with low inventory, fast sales, and homes selling close to their list price. Buyers and sellers should be prepared for a fast-paced market with tight competition and be ready to act quickly to secure their desired outcome.
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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