Hi Friends, as a real estate professional, it is important to understand the correlation between various metrics in the market to provide accurate insights to both buyers and sellers.
One key metric to consider is the Months Supply of Inventory, which currently stands at 6.29. This indicates the number of months it would take to sell all the current inventory at the current pace of sales. A higher months supply of inventory typically suggests a buyer’s market, while a lower supply indicates a seller’s market.
The 12-Month Change in Months of Inventory has increased by +60.05%, which suggests a shift towards a more balanced market or possibly a buyer’s market. This increase in inventory may result in more choices for buyers and potentially longer days on the market for sellers.
The Median Days Homes are On the Market is 67, which indicates the average number of days it takes for a home to sell. A higher number of days on the market may indicate that homes are taking longer to sell, potentially due to increased inventory or pricing considerations.
The List to Sold Price Percentage is 93.2%, showing that, on average, homes are selling for 93.2% of their list price. This metric can give insight into the negotiation dynamics between buyers and sellers in the market.
Finally, the Median Sold Price is $275,000, providing a benchmark for the average selling price of homes in the market. Sellers can use this information to set realistic pricing expectations, while buyers can use it as a reference point for making offers.
In summary, the current market data suggests a slightly increasing inventory level, longer days on the market, and a high list to sold price percentage. Buyers may have more options to choose from, while sellers may need to be strategic in pricing their homes competitively. It is essential for both buyers and sellers to stay informed about these metrics to make informed decisions in the 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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