Hi Friends, as a professional in the real estate market, 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 is currently at 2.18. This metric indicates how long it would take for all current listings to sell at the current sales pace. A lower number typically indicates a seller’s market, as there are fewer properties available for buyers to choose from.
The 12-Month Change in Months of Inventory is at +14.74%, showing an increase in the supply of homes on the market compared to the previous year. This could suggest a shift towards a more balanced market or even a buyer’s market, giving buyers more options to choose from.
The Median Days Homes are On the Market is 29, indicating that properties are selling relatively quickly. This could be due to high demand and limited inventory, leading to faster sales.
The List to Sold Price Percentage is at 96.9%, showing that homes are typically selling close to their listing price. This could indicate a competitive market where sellers are receiving strong offers.
Lastly, the Median Sold Price is $395,000, giving potential buyers and sellers an idea of the current market value of properties in the area.
Overall, these metrics suggest a market where properties are selling quickly, often at or close to their listing price. However, the increase in inventory compared to the previous year may provide buyers with more options and potentially lead to more negotiation power. It is important for both buyers and sellers to stay informed on these metrics to make strategic decisions in the real estate 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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