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.
The Months Supply of Inventory is a crucial indicator of market conditions, currently standing at 5.52. This represents the number of months it would take to sell all the homes on the market at the current sales pace. A lower number typically indicates a seller’s market, while a higher number suggests a buyer’s market.
The 12-Month Change in Months of Inventory has increased by 20%, pointing towards a shift in market dynamics. This could signify a potential increase in housing inventory which may lead to more options for buyers but could also signal a slowing of the market.
The Median Days Homes are On the Market is 39, indicating that homes are selling relatively quickly in this market. This could be attributed to strong demand or competitive pricing strategies by sellers.
The List to Sold Price Percentage is at 97.4%, suggesting that homes are generally selling close to their list price. This could indicate a balanced market where realistic pricing is key to successful sales.
Lastly, the Median Sold Price is $311,990, providing a benchmark for both buyers and sellers to gauge the value of properties in the market. Understanding this metric can help in making informed decisions when buying or selling real estate.
Overall, these metrics paint a picture of a market with moderate inventory levels, quick sales, and a balanced pricing environment. Buyers may find a good selection of homes to choose from, while sellers should be mindful of pricing strategies to attract potential buyers. Keeping an eye on these key metrics can help both parties navigate the real estate 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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