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, which currently stands at 5.24, indicates the number of months it would take to sell all available homes on the market at the current sales pace. A lower number suggests a seller’s market, while a higher number indicates a buyer’s market.
The 12-Month Change in Months of Inventory, which has increased by 0.18%, shows a slight shift in the market dynamics over the past year. This could signal a potential slowdown in sales or an increase in listings, which may impact pricing and competition.
The Median Days Homes are On the Market, at 42 days, gives an idea of how long it takes for a property to sell. A shorter time frame suggests high demand and competitive pricing, while a longer time frame may indicate less interest from buyers.
The Sold to List Price Percentage, currently at 0.98%, reveals the average amount that homes are selling for compared to their listing price. A higher percentage indicates strong negotiating power for sellers, while a lower percentage suggests buyers may have more leverage in the market.
Lastly, the Median Sold Price of $284,000 gives buyers and sellers an idea of the typical price range for homes in the market. This figure can help inform pricing strategies and expectations for both parties.
By analyzing these metrics together, buyers and sellers can gain a comprehensive understanding of the market conditions and make informed decisions when buying or selling a property. It is essential to consider all these factors when navigating the real estate market to achieve successful outcomes.
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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