As a professional in the real estate industry, it is important to understand the correlation between various metrics in order to make informed decisions when buying or selling a property.
The Months Supply of Inventory is currently at 7.34, indicating the number of months it would take to sell all available homes on the market at the current sales pace. This metric gives us an idea of the level of competition in the market and can influence pricing strategies.
The 12-Month Change in Months of Inventory is +20.53%, showing an increase in the supply of homes compared to the previous year. This could suggest a shifting market where buyers have more options to choose from, potentially leading to longer days on the market for sellers.
Speaking of days on the market, the Median Days Homes are On the Market is 57, indicating the average number of days it takes for a home to sell. This can be a useful metric for sellers to gauge the market activity and adjust their pricing or marketing strategies accordingly.
The List to Sold Price Percentage is at 99%, showing that on average, homes are selling very close to their list price. This can be reassuring for sellers looking to maximize their return on investment.
Finally, the Median Sold Price is $589,000, giving buyers and sellers a benchmark for the average price of homes in the market. This can be used to evaluate the competitiveness of a listing or to negotiate a fair price.
In conclusion, these metrics are all interconnected and can provide valuable insights for both buyers and sellers in the real estate market. By understanding and analyzing these data points, individuals can make more informed decisions when navigating the buying or selling process.
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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