s a professional in the real estate industry, it is important to understand the correlation between key metrics in order to make informed decisions when buying or selling a property.
The Months Supply of Inventory is a crucial indicator of the balance between supply and demand in the real estate market. A lower number indicates a seller’s market, while a higher number suggests a buyer’s market. With a Months Supply of Inventory of 3.38, we can conclude that the market is relatively balanced, providing opportunities for both buyers and sellers.
The 12-Month Change in Months of Inventory has increased by +51.57%, indicating a shift towards a more buyer-friendly market. This could mean increased inventory and potentially more negotiating power for buyers.
The Median Days Homes are On the Market at 17 days suggests that properties are selling relatively quickly. This could be due to high demand or competitive pricing strategies in the market.
The List to Sold Price Percentage of 98% indicates that properties are typically selling close to their listing price. This could be a reflection of strong buyer demand or well-priced properties by sellers.
Lastly, the Median Sold Price of $389,000 gives us an insight into the current pricing trends in the market. This information can be valuable for both buyers and sellers in determining fair market value for properties.
Overall, these real estate metrics provide a comprehensive overview of the current market conditions, allowing buyers and sellers to make informed decisions based on data-driven analysis. It is essential to consider these factors when navigating the real estate market to achieve successful outcomes.
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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