As a real estate professional, it is important to understand the correlation between key metrics in the market to provide valuable insights to both buyers and sellers.
Firstly, the Months Supply of Inventory at 2.47 indicates a seller’s market, where demand exceeds supply. This low inventory level typically results in higher prices and quicker sales. The 12-Month Change in Months of Inventory increasing by +35.71% suggests a slight shift towards a more balanced market, but sellers still have the upper hand.
The Median Days Homes are On the Market at 8 is incredibly fast, showcasing the high demand for properties in the area. This quick turnover time can be attributed to the low inventory levels and competitive market conditions.
The Sold to List Price Percentage of 100% indicates that homes are selling at or above their listing price, further highlighting the strong seller’s market. This data point is reassuring for sellers looking to maximize their returns on investment.
Finally, the Median Sold Price of $1,560,000 reflects the premium prices that buyers are willing to pay for properties in this market. This high price point, combined with the quick sales and strong demand, underscores the competitive nature of the real estate market in this area.
In conclusion, the data suggests that sellers have the advantage in this market, with high demand, low inventory, and properties selling quickly at or above asking prices. Buyers should be prepared to act fast and potentially pay a premium for properties in this competitive 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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