As a real estate professional, it is important to understand the correlation between key metrics in the market to provide valuable insights to both buyers and sellers.
Firstly, the Months Supply of Inventory is a crucial indicator of market conditions. With a relatively low inventory of 2.26 months, this suggests a seller’s market where demand is outpacing supply. This low inventory can lead to increased competition among buyers, potentially driving up prices.
The 12-Month Change in Months of Inventory at +43.04% indicates a significant increase in inventory compared to the previous year. This could be a sign of a shifting market where more properties are becoming available, potentially giving buyers more options to choose from.
The Median Days Homes are On the Market at 14 days suggests that properties are selling quickly in this market. This could be attributed to the low inventory and high demand, leading to a fast-paced selling process.
The List to Sold Price Percentage at 101.4% indicates that homes are selling for slightly above their listing price on average. This could be a result of the competitive market conditions and multiple offers on properties.
Finally, the Median Sold Price of $675,000 gives buyers and sellers an idea of the average price of homes in the market. This information can help sellers set realistic listing prices and buyers determine their budget for purchasing a home.
Overall, these metrics paint a picture of a competitive real estate market with low inventory, quick sales, and properties selling above asking price. Buyers may need to act fast and be prepared to make strong offers, while sellers may benefit from pricing their homes strategically to attract potential buyers.
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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