As a professional in the real estate industry, it is crucial to understand the correlation between key metrics to make informed decisions.
First, let’s look at the Months Supply of Inventory, which currently stands at 3.7. This metric indicates the number of months it would take to sell all current listings at the current sales pace. 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 is +73.71%, showing a significant increase in the amount of time it would take to sell all current listings compared to the previous year. This could suggest a shift towards a more balanced market or even a buyer’s market.
With a Median Days Homes are On the Market of 19, we see that properties are selling relatively quickly. This could be due to high demand, low inventory, or competitive pricing.
The List to Sold Price Percentage of 97.6% indicates that homes are generally selling close to their listing price. This could suggest that sellers are pricing their homes competitively and buyers are willing to pay close to the asking price.
Lastly, the Median Sold Price of $381,000 gives us an idea of the average price at which homes are selling in the market. This can help both buyers and sellers understand the current market value of properties.
In summary, the data shows a market with relatively low inventory, properties selling quickly, and prices close to asking. Buyers may face competition and need to act fast, while sellers may benefit from pricing their homes competitively. Understanding these metrics can help both buyers and sellers navigate the real estate market 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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