As a potential buyer or seller in the current real estate market, it is important to understand the correlation between various key metrics in order to make informed decisions.
First, let’s look at the Months Supply of Inventory, which is currently at 5.31. This metric indicates how long it would take for all the current homes on the market to be sold at the current sales pace. A lower number typically indicates a seller’s market, while a higher number indicates a buyer’s market.
The 12-Month Change in Months of Inventory is showing a significant increase of 11.32%. This suggests that there are more homes available on the market compared to the previous year, which could potentially give buyers more options to choose from.
The Median Days Homes are On the Market is 31, indicating that homes are selling relatively quickly in this market. This could be attributed to high demand and limited inventory, driving competition amongst buyers.
The List to Sold Price Percentage is at 94.6%, showing that on average, homes are selling very close to their list price. This could be a signal of strong negotiating power for sellers in this market.
Lastly, the Median Sold Price is $2,823,000, indicating that the average price of homes sold in this market is relatively high. This could be reflective of the desirable location or amenities offered in this area.
Overall, these metrics suggest that the current real estate market is competitive, with limited inventory driving up prices and leading to quick sales. Buyers may need to act fast and be prepared to make strong offers, while sellers may have the advantage of pricing their homes competitively and negotiating from a strong position. It is important for both buyers and sellers to carefully consider these metrics when navigating 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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