As a real estate professional, it is important to understand the correlation between key metrics in the housing market to provide valuable insights to both buyers and sellers. Let’s analyze the data provided:
The Months Supply of Inventory is a key indicator of the balance between supply and demand in the real estate market. With a relatively low figure of 2.77, this suggests that there is a shortage of available homes for sale compared to the current level of demand.
The 12-Month Change in Months of Inventory increasing by +33.17% indicates a trend towards a higher level of inventory in the market over the past year. This could potentially lead to a more balanced market in the future, providing more options for buyers.
The Median Days Homes are On the Market at 31 days shows that properties are selling relatively quickly in this market. This is good news for sellers as it indicates strong demand and interest from buyers.
The List to Sold Price Percentage of 97% suggests that homes are selling close to their listing price. This is a positive sign for sellers as it shows that there is not a significant amount of price negotiation happening in the market.
Finally, the Median Sold Price of $389,995 gives buyers and sellers a benchmark for the average price of homes in the market. This information can help both parties make informed decisions when buying or selling a property.
In conclusion, the current real estate market is characterized by low inventory, quick sales, and strong demand, leading to homes selling close to their listing price. Buyers and sellers should be aware of these trends when making their 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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