As a professional in the real estate industry, it is important to understand the correlation between key metrics to make informed decisions when buying or selling a property.
First, let’s look at the Months Supply of Inventory, which currently stands at 4.16. This metric indicates the number of months it would take to sell all the homes on the market at the current pace of sales. A lower number typically indicates a seller’s market, while a higher number suggests a buyer’s market.
The 12-Month Change in Months of Inventory is +18.52%, showing an increase in the amount of time it would take to sell all available homes. This could signal a shift towards a buyer’s market, where there is more inventory available and less competition among buyers.
The Median Days Homes are On the Market is 35, which is a relatively short amount of time. This indicates that homes are selling quickly in the current market conditions, potentially due to high demand or competitive pricing.
The List to Sold Price Percentage is 95.7%, showing that homes are typically selling for close to their listing price. This could indicate that sellers are pricing their homes accurately and buyers are willing to pay the asking price.
Finally, the Median Sold Price is $285,000, providing a benchmark for the average price of homes in the market. This can be used by both buyers and sellers to gauge the value of properties and make informed decisions.
Overall, these metrics suggest a balanced real estate market with homes selling relatively quickly at close to their listing price. Buyers and sellers should consider these factors when entering the market to ensure a successful transaction.
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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