As a real estate professional, it is important to understand the correlation between key metrics in the housing market to provide valuable insights to both buyers and sellers.
First, let’s look at the Months Supply of Inventory, which is currently at 4.15. This metric indicates how long it would take for all current listings to sell 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 at 0.77%, showing a slight increase in available inventory over the past year. This could suggest a shift towards a more balanced market, giving buyers more options and potentially easing competition.
The Median Days Homes are On the Market is 21, indicating that homes are selling relatively quickly in this market. This could be attributed to high demand and low inventory, driving up competition among buyers.
The Sold to List Price Percentage is at 0.98%, suggesting that homes are selling for close to their list price. This could indicate strong negotiating power for sellers and a competitive market for buyers.
Lastly, the Median Sold Price is $320,495, giving both buyers and sellers an idea of the average price of homes in this market. This figure can help buyers determine their budget and sellers price their home competitively.
Overall, these metrics paint a picture of a market that is experiencing moderate inventory levels, quick sales, and homes selling close to their list price. Buyers should be prepared to act quickly and potentially pay close to the asking price, while sellers may have the upper hand in negotiations.
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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