As a potential buyer or seller in the current real estate market, it is important to understand the correlation between key metrics to make informed decisions.
The Months Supply of Inventory is a crucial indicator of the balance between supply and demand in the market. With a 7.22 months supply, this suggests a relatively balanced market where neither buyers nor sellers have a significant advantage.
The 12-Month Change in Months of Inventory shows a significant increase of 22.37%, indicating a trend towards more inventory entering the market. This could potentially lead to a shift towards a buyer’s market in the near future.
The Median Days Homes are On the Market at 68 days suggests that properties are selling relatively quickly, indicating strong demand from buyers.
The Sold to List Price Percentage of 97.5% demonstrates that sellers are typically receiving offers close to their asking price, indicating a healthy level of competition among buyers.
Lastly, the Median Sold Price of $368,250 provides insight into the current market value of properties in the area, giving buyers and sellers a benchmark for pricing their homes.
Overall, these metrics suggest a market that is balanced, with properties selling relatively quickly and sellers receiving offers close to their asking price. However, the increase in inventory over the past year could potentially lead to a shift in the market dynamics in the future. It is important for both buyers and sellers to stay informed and adapt their strategies accordingly.
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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