Hi Friends, as a buyer or seller in the current real estate market, it is important to understand the correlation between key metrics to make informed decisions.
The Months Supply of Inventory, which currently stands at 1.72, indicates the number of months it would take to sell all the homes on the market at the current pace of sales. A lower number typically signifies a seller's market, with limited inventory and high demand.
The 12-Month Change in Months of Inventory, which has increased by +19.44%, suggests a shift towards a more balanced market as inventory levels have risen over the past year. This could potentially lead to more options for buyers and less competition among sellers.
The Median Days Homes are On the Market, at 44 days, reflects the average amount of time it takes for a home to sell. A lower number indicates a fast-moving market, while a higher number may suggest homes are taking longer to sell.
The List to Sold Price Percentage, currently at 99.8%, highlights the average percentage of the listed price that homes are selling for. A higher percentage indicates that sellers are receiving close to their asking price, which can be beneficial for both buyers and sellers in negotiations.
Lastly, the Median Sold Price of $325,000 gives insight into the overall pricing trends in the market. This figure represents the middle point of all sold prices, showing the general range of home values in the area.
By considering these metrics together, buyers and sellers can better understand the current real estate landscape and make informed decisions on pricing, timing, and negotiation strategies. It is essential to stay informed and work with a knowledgeable real estate professional to navigate the 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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