As a real estate professional, it is essential to understand the correlation between various metrics to provide valuable insights to both buyers and sellers in the market.
Firstly, the Months Supply of Inventory is a key indicator of market conditions. With a value of 5.08, this suggests that there is a balanced market between supply and demand, indicating stability in the real estate market.
The 12-Month Change in Months of Inventory has increased by 27%, indicating a shift towards a more buyer-friendly market. This increase suggests that there are more homes available for sale compared to the previous year, giving buyers more options and potentially leading to more competitive pricing.
The Median Days Homes are On the Market being 80 days reflects the average amount of time it takes for a home to sell. This metric is important for sellers to understand how long their property may be on the market before finding a buyer.
The List to Sold Price Percentage of 93.8% indicates that homes are selling close to their listing price. This metric is crucial for both buyers and sellers as it provides insight into the negotiation power of both parties.
Lastly, the Median Sold Price of $2,448,750 showcases the average selling price of homes in the market. This data point is crucial for both buyers and sellers as it gives an indication of the current market value of properties.
Overall, these metrics are interconnected and provide a comprehensive view of the real estate market. By analyzing and understanding these data points, buyers and sellers can make informed decisions and navigate the market successfully.
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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