As a professional in the real estate industry, it is important to understand the correlation between key metrics to provide valuable insights to both buyers and sellers.
First, let’s look at the Months Supply of Inventory, which currently stands at 2.33. This metric indicates the number of months it would take to sell all the homes on the market given the current pace of sales. A lower months supply of inventory typically indicates a seller’s market, where demand exceeds supply and prices may be higher.
The 12-Month Change in Months of Inventory shows an increase of 86.4%, suggesting a shift towards a more balanced market. This increase may be due to an influx of new listings or a decrease in buyer demand, leading to a potential slowdown in price growth.
Next, the Median Days Homes are On the Market is 13, indicating that homes are selling quickly in this market. A low median days on market suggests high buyer demand and can lead to competitive bidding situations.
The List to Sold Price Percentage at 98.5% shows that homes are typically selling close to their asking price. This metric can be used by sellers to gauge the competitiveness of their listing price and negotiate offers effectively.
Finally, the Median Sold Price of $462,000 provides valuable information on the current market value of homes in the area. Buyers can use this data to make informed decisions on pricing and offers, while sellers can leverage this information to set competitive listing prices.
In conclusion, these metrics paint a picture of a dynamic real estate market with low inventory, quick sales, and strong pricing. Buyers and sellers can use this information to navigate the market effectively and make informed decisions.
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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