As a professional in the real estate industry, it is important to understand the correlation between various metrics to provide valuable insights to both buyers and sellers.
The Months Supply of Inventory is a key indicator of the balance between supply and demand in the market. With a relatively low figure of 2.42, this suggests that there is a limited supply of homes available compared to the current level of demand. This can lead to increased competition among buyers and potentially higher prices for sellers.
The 12-Month Change in Months of Inventory of +9.01% indicates that the supply of homes has increased over the past year. While this may suggest a slight shift towards a more balanced market, it is important to note that the overall supply remains relatively low.
The Median Days Homes are On the Market at just 7 days further supports the idea of a competitive market with quick turnaround times for listings. This rapid pace can be beneficial for sellers looking to sell their homes quickly.
The Sold to List Price Percentage of 101.5% indicates that on average, homes are selling for slightly above their listing price. This can be a positive sign for sellers, as it suggests strong demand and potentially multiple offers on properties.
Finally, the Median Sold Price of $1,651,000 provides an insight into the current pricing trends in the market. This figure reflects the midpoint of all sold home prices, indicating a relatively high average price point in this particular market.
Overall, these metrics paint a picture of a competitive real estate market with limited inventory, strong demand, and potential opportunities for sellers to capitalize on current pricing trends. Buyers should be prepared to act quickly and potentially pay above the listing price in order to secure a property in this market. Sellers, on the other hand, may find favorable conditions for selling their homes quickly and potentially at a higher price point.
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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