As a real estate professional, it is important to understand the correlation between various metrics in the market to provide valuable insights to both buyers and sellers.
First, let’s look at the Months Supply of Inventory, which is currently at 3.44. This number represents how many months it would take to sell all the current inventory of homes on the market at the current sales pace. A lower number indicates a seller’s market, while a higher number indicates a buyer’s market.
The 12-Month Change in Months of Inventory is at a significant increase of +98.84%. This indicates a shift towards a buyer’s market, with more inventory available compared to the previous year. Sellers may need to adjust their pricing or marketing strategies to attract buyers in this changing market.
The Median Days Homes are On the Market is 25, which is a relatively low number. This indicates that homes are selling quickly, possibly due to high demand or competitive pricing. Sellers can use this information to gauge how long their home may be on the market before receiving an offer.
The Sold to List Price Percentage is at 97.1%, which shows that homes are generally selling close to their listing price. This can be reassuring for sellers, as it indicates strong buyer interest and competition in the market.
Finally, the Median Sold Price is $465,000, giving buyers and sellers a benchmark for pricing their properties or making offers. This number can help both parties understand the current market value of homes in the area.
Overall, these metrics paint a picture of a market with moderate inventory levels, quick sales, strong buyer interest, and competitive pricing. Buyers and sellers alike can use this information to make informed decisions in their real estate transactions.
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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