As a real estate professional, it is important to understand the correlation between various metrics in order to provide valuable insights to both buyers and sellers.
The Months Supply of Inventory metric, which currently stands at 2.45, indicates the number of months it would take to sell all the available homes on the market at the current pace of sales. A lower number typically signifies a seller’s market, while a higher number indicates a buyer’s market.
The 12-Month Change in Months of Inventory, which has increased by +31.72%, suggests a shift towards a more balanced market or possibly even a buyer’s market. This increase in inventory could potentially lead to more options for buyers and potentially put downward pressure on prices.
The Median Days Homes are On the Market, at 25 days, indicates the average amount of time it takes for a home to sell. A lower number usually signifies a fast-moving market, while a higher number may indicate a slower market.
The List to Sold Price Percentage, currently at 96.9%, shows that homes are selling at just under the asking price on average. This metric can provide sellers with valuable information on pricing their homes competitively.
Lastly, the Median Sold Price of $379,500 gives buyers and sellers an idea of the current market value of homes in the area. This figure can be used as a benchmark for pricing properties or making offers.
Overall, these metrics paint a picture of a real estate market that is experiencing some changes, potentially moving towards a more balanced market. Buyers may have more options to choose from, while sellers may need to adjust their pricing strategies accordingly. It is crucial for both parties to stay informed and work with a knowledgeable real estate professional to navigate these market conditions effectively.
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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