As a prospective buyer or seller in the real estate market, understanding the correlation between key metrics can provide valuable insights into current trends and potential opportunities.
The Months Supply of Inventory at 4.83 indicates a balanced market, where the number of homes available for sale is roughly equal to the number of buyers in the market. A lower supply of inventory typically leads to increased competition among buyers, potentially driving prices higher.
The 12-Month Change in Months of Inventory at -10.39% suggests a decrease in the number of homes available for sale over the past year. This decrease in inventory could result in higher demand for homes, leading to quicker sales and potentially higher prices.
The Median Days Homes are On the Market at 44 days indicates a relatively fast-moving market, where homes are selling quickly. This short time on the market could be attributed to high demand and limited inventory, making it a favorable time for sellers looking to sell their homes quickly.
The Sold to List Price Percentage at 95% suggests that homes are selling close to their asking price. This metric indicates that sellers are pricing their homes accurately, and buyers are willing to pay close to the asking price.
The Median Sold Price of $280,000 provides a snapshot of the average selling price in the market. This price point can be used as a benchmark for buyers and sellers to gauge the value of properties in the area.
Overall, the combination of these metrics paints a picture of a competitive real estate market with limited inventory and high demand. Buyers may need to act quickly and be prepared to pay close to the asking price, while sellers have the opportunity to sell their homes quickly and potentially at a higher price. Keeping a close eye on these metrics can help buyers and sellers make informed decisions in today’s real estate 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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