As a real estate professional, it is important to understand the correlation between various metrics in the housing market in order to provide valuable insights to both buyers and sellers.
Starting with the Months Supply of Inventory, which is currently at 2.63, this metric indicates the number of months it would take to sell all the current inventory of homes on the market at the current sales pace. A lower number typically signifies a seller’s market, where demand exceeds supply, leading to potentially higher prices.
The 12-Month Change in Months of Inventory, which has increased by +24.06%, suggests that the market may be shifting towards a more balanced state. This could mean that there are more homes available for buyers to choose from, potentially leading to a slower increase in home prices.
The Median Days Homes are On the Market, at 26 days, is a reflection of how quickly homes are selling in the current market. A lower number indicates a faster pace of sales, which could be influenced by factors such as pricing, location, and market conditions.
The List to Sold Price Percentage, at 97.7%, shows that homes are typically selling for close to their listing price. This could indicate that sellers are pricing their homes competitively, leading to quicker sales and potentially multiple offers.
Lastly, the Median Sold Price of $360,000 provides a snapshot of the average price at which homes are selling in the current market. This information can be useful for both buyers and sellers in determining fair market value and negotiating prices.
Overall, these metrics collectively paint a picture of the current real estate market conditions, indicating a potentially competitive market with a balanced inventory level, quick sales pace, and homes selling close to their listing prices. Buyers and sellers can use this information to make informed decisions about buying or selling a home in the current market.
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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