As a prospective Buyer or Seller in the current real estate market, it is important to understand the correlation between key metrics that can impact your decision-making process.
The Months Supply of Inventory, which currently stands at 4.39, indicates the number of months it would take to sell all the homes on the market based on the current pace of sales. A lower number suggests a seller’s market with high demand, while a higher number indicates a buyer’s market with more supply than demand.
The 12-Month Change in Months of Inventory has seen a significant increase of +68.85%, suggesting a shift towards a more balanced market where supply is outpacing demand. This could lead to more negotiating power for buyers and potentially lower prices for sellers.
The Median Days Homes are On the Market, at 56 days, reflects the average amount of time it takes for a home to sell. A shorter time frame typically indicates a fast-moving market with high buyer interest.
The Sold to List Price Percentage of 96.9% shows that homes are selling close to their list price, indicating a relatively stable 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 $327,450 provides insight into the overall pricing trend in the market. This figure represents the midpoint of all home prices sold, giving both buyers and sellers a benchmark to gauge the value of properties in the area.
Overall, these metrics suggest a market that is transitioning towards a more balanced state, with increasing inventory, stable pricing, and reasonable timeframes for homes to sell. Buyers may have more negotiating power, while sellers should be mindful of pricing strategies to attract potential buyers in a competitive 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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