As a professional in the real estate market, it is important to understand the correlation between key metrics in order to make informed decisions when buying or selling a property.
First, let’s look at the Months Supply of Inventory, which is currently at 3.51. This metric indicates how long it would take for all the current homes on the market to be sold if no new listings were added. A lower number typically indicates a seller’s market, where demand exceeds supply.
The 12-Month Change in Months of Inventory has increased by 66.35%, which suggests that inventory levels have risen significantly over the past year. This could indicate a shift towards a buyer’s market, where there is more supply than demand.
The Median Days Homes are On the Market is 36, which is a relatively short amount of time. This indicates that homes are selling quickly in this market, possibly due to high demand or competitive pricing.
The Sold to List Price Percentage is 96.7%, which means that homes are typically selling very close to their listing price. This could indicate a balanced market where buyers and sellers are able to negotiate effectively.
Lastly, the Median Sold Price is $384,990, which gives us an idea of the average price of homes that are selling in this market. This can be useful for both buyers and sellers to understand the current pricing trends.
In conclusion, these metrics suggest that the market is currently experiencing an increase in inventory levels, leading to a more balanced market. Homes are selling quickly and close to their listing price, making it an active and competitive environment for both buyers and sellers. It is important to keep these factors in mind when making real estate decisions in this 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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