As a real estate professional, it is vital to understand the correlation between key metrics in the market to make informed decisions as a buyer or seller.
First, let’s look at the Months Supply of Inventory, which currently stands at 3.36. This metric indicates how long it would take for all current homes on the market to sell at the current sales pace. A lower supply of inventory typically results in higher competition among buyers and could lead to higher selling prices.
The 12-Month Change in Months of Inventory has increased by 41.77%, indicating a significant shift in the market conditions. This increase suggests that inventory levels have risen over the past year, potentially providing more options for buyers but also potentially putting downward pressure on prices.
The Median Days Homes are On the Market is 18, indicating that homes are selling relatively quickly in this market. A low number of days on the market typically signifies high demand and competitive pricing.
The List to Sold Price Percentage is at 98%, showing that homes are selling close to their listing price. This suggests that sellers are pricing their homes appropriately and that buyers are willing to pay close to the asking price.
Finally, the Median Sold Price in this market is $435,000. This is a key metric for both buyers and sellers as it provides a benchmark for understanding the value of homes in the area.
In conclusion, the current market conditions suggest a balanced market with moderate inventory levels, quick sales, and homes selling close to their listing prices. Buyers may have more options to choose from, while sellers can expect to sell their homes relatively quickly and close to their asking price. It is essential for both buyers and sellers to stay informed about these metrics to make sound real estate 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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