Hi Friends, as a real estate professional, it is important to analyze various metrics to understand the current market conditions and trends. Looking at the data provided, we can see a correlation between the Months Supply of Inventory, the 12-Month Change in Months of Inventory, the Median Days Homes are On the Market, the List to Sold Price Percentage, and the Median Sold Price.
The Months Supply of Inventory is a key indicator of the balance between supply and demand in the market. With a low Months Supply of Inventory at 2.27, it indicates that there is a high demand for homes relative to the available inventory. This can lead to a competitive market with potential for multiple offers on properties.
The 12-Month Change in Months of Inventory at +45.51% shows a significant increase in inventory compared to the previous year. This suggests that there may be more options available for buyers to choose from, potentially leading to a more balanced market.
The Median Days Homes are On the Market at 24 days indicates that homes are selling relatively quickly. This could be due to the high demand and low inventory, prompting buyers to act fast when a desirable property becomes available.
The List to Sold Price Percentage at 97.9% shows that homes are selling close to their asking price. This can be a positive sign for sellers, indicating that they may not have to make significant price reductions to attract buyers.
Finally, the Median Sold Price at $294,500 gives an indication of the average price at which homes are selling in the market. This can be useful for both buyers and sellers to understand the pricing trends and make informed decisions.
Overall, the data suggests a market with high demand, low inventory, quick sales, and strong pricing. Buyers may need to act fast and be prepared for competition, while sellers may benefit from the current market conditions. It is important to stay informed and work with a knowledgeable real estate professional to navigate the market effectively.
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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