As a real estate professional, it is important to understand and analyze key metrics in order to provide valuable insights to both buyers and sellers. Let’s delve into the correlation between the following real estate metrics to give you a comprehensive overview of the current market conditions.
Firstly, the Months Supply of Inventory is at 3.47, indicating that there is a relatively low inventory of homes available for sale. This suggests a competitive market where buyers may have limited options to choose from, potentially leading to higher sale prices.
The 12-Month Change in Months of Inventory is at +37.7%, showing a significant increase in the supply of homes compared to the previous year. This could indicate a shift towards a more balanced market, giving buyers more choices and potentially leading to a stabilization in prices.
The Median Days Homes are On the Market is only 15 days, which is relatively short. This suggests that homes are selling quickly, likely due to high demand and limited inventory. Sellers may benefit from this trend as it indicates a strong market for selling properties.
The Sold to List Price Percentage is at 98.7%, indicating that homes are typically selling very close to their list price. This shows that sellers are pricing their homes effectively and that buyers are willing to pay close to the asking price in the current market conditions.
Lastly, the Median Sold Price is at $375,000, providing a benchmark for the average price of homes sold in the market. This figure can give both buyers and sellers a good indication of the current pricing trends and help them make informed decisions.
In conclusion, these metrics paint a picture of a competitive real estate market with limited inventory, quick sales, and close-to-list prices. Buyers should be prepared to act fast and potentially pay close to the asking price, while sellers may benefit from the current market conditions with strong demand and quick sales. It is important for both parties to stay informed and work with a knowledgeable real estate professional to navigate the market effectively.
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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