As a real estate professional, it is important to analyze various metrics to understand the current market conditions and trends. In this scenario, we are looking at key indicators that can provide valuable insights for both buyers and sellers.
Firstly, the Months Supply of Inventory is sitting at 3.35, indicating a relatively balanced market where supply and demand are in equilibrium. However, the 12-Month Change in Months of Inventory has increased by +39.58%, suggesting a slight shift towards a more buyer-friendly market as inventory levels have risen compared to the previous year.
The Median Days Homes are On the Market is 39, which is a relatively quick turnaround time for properties to sell. This could indicate strong buyer demand and competitive pricing in the market.
The Sold to List Price Percentage of 97.1% demonstrates that, on average, homes are selling close to their listing price. This could indicate that sellers are pricing their properties effectively and buyers are willing to pay close to the asking price.
Lastly, the Median Sold Price of $358,680 gives an indication of the average price at which homes are selling in the market. This information can be valuable for both buyers and sellers to understand current market values and make informed decisions.
Overall, these metrics paint a picture of a market that is relatively balanced with strong buyer demand and competitive pricing. Buyers may find themselves in a market where properties are selling quickly, while sellers can benefit from pricing their homes effectively to attract buyers. It is crucial for both parties to stay informed about these metrics to make informed decisions in the real estate 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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