As a real estate professional, it is important to understand the correlation between various metrics to provide valuable insights to both buyers and sellers in the market.
First, let’s look at the Months Supply of Inventory, which currently stands at 2.87. This metric indicates the number of months it would take to sell all the current inventory at the current sales pace. A lower number suggests a seller’s market with high demand and low supply.
The 12-Month Change in Months of Inventory has seen a significant increase of +47.94%. This suggests that the market may be shifting towards a more balanced or even buyer’s market, with inventory levels increasing compared to the previous year.
Despite this increase in inventory, the Median Days Homes are On the Market is only 26 days, indicating that homes are still selling relatively quickly. This could be attributed to the List to Sold Price Percentage of 96.7%, showing that sellers are generally receiving close to their asking price.
Finally, the Median Sold Price of $436,000 provides a snapshot of the current market value of homes in the area. This metric is crucial for both buyers and sellers to understand the overall pricing trends in the market.
In conclusion, the data suggests a market that is transitioning towards a more balanced state, with increasing inventory levels but still strong demand leading to quick sales at close to asking prices. Buyers and sellers should take note of these trends to make informed decisions in the current real estate landscape.
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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