As a real estate professional, it is important to understand how various metrics in the market can be correlated to provide valuable insights for both buyers and sellers.
Looking at the data provided, we see that the Months Supply of Inventory is 3.16, which indicates that there is a relatively low supply of available homes on the market compared to the demand from buyers. This can create a competitive environment for buyers, potentially leading to higher prices.
The 12-Month Change in Months of Inventory is +39.21%, which suggests that the supply of homes on the market has increased significantly over the past year. This could be due to a variety of factors such as an influx of new listings or a decrease in buyer demand. Sellers should be aware of this trend as it may impact their pricing strategy.
The Median Days Homes are On the Market is 7, indicating that homes are selling quickly in this market. This could be attributed to the low inventory levels and high demand, leading to a fast-paced market where buyers need to act swiftly to secure a property.
The List to Sold Price Percentage is 101.4%, suggesting that homes are selling for slightly above their list price on average. This could be a result of multiple offers and bidding wars in the market, driving up prices for sellers.
Lastly, the Median Sold Price is $1,985,000, giving us a benchmark for the average price of homes sold in this market. Buyers and sellers should use this information to inform their pricing and negotiation strategies.
Overall, the data points provided paint a picture of a competitive real estate market with low inventory levels, fast sales, and prices slightly above list price. Buyers and sellers should be prepared to act quickly and strategically in order to navigate this dynamic 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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