As a professional in the real estate industry, it is important to understand the correlation between key metrics in order to make informed decisions as a buyer or seller.
First, let’s look at the Months Supply of Inventory, which currently stands at 4.45. This metric represents the number of months it would take to sell all the current inventory of homes on the market at the current pace of sales. A lower number indicates a seller’s market, while a higher number indicates a buyer’s market.
The 12-Month Change in Months of Inventory has increased by +104.13% compared to the previous year. This significant increase suggests that the market has shifted towards a buyer’s market, as there is more inventory available for buyers to choose from.
The Median Days Homes are On the Market is 27, which indicates that homes are selling relatively quickly in this market. A lower number of days on the market is typically associated with a strong seller’s market.
The Sold to List Price Percentage is 97%, which means that on average, homes are selling for 97% of their list price. This suggests that sellers are able to negotiate prices closer to their asking price in this market.
Finally, the Median Sold Price is $416,000, which gives us an idea of the average selling price of homes in this market. This can be used as a benchmark for buyers and sellers to understand the current market value of properties.
In conclusion, the data suggests that while there is a healthy supply of inventory, the market is leaning towards a buyer’s market with homes selling at a high percentage of their list price. Sellers should be prepared to negotiate, while buyers may have more options to choose from. It is important for both parties to consider these metrics when making real estate decisions.
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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