Hi Friends, as a real estate professional, it is important to understand the correlation between various metrics in the market to better assist buyers and sellers in making informed decisions.
The Months Supply of Inventory is a key indicator of market conditions, representing the number of months it would take to sell all current listings at the current sales pace. With a 3.17 months supply of inventory, we are in a seller's market where demand exceeds supply, leading to potentially higher prices.
The 12-Month Change in Months of Inventory at +12.01% indicates an increase in inventory over the past year, which could suggest a shift towards a more balanced market. This change may impact pricing and negotiation dynamics between buyers and sellers.
The Median Days Homes are On the Market at 44 days reflects the average time it takes for a home to sell. A lower number indicates a faster-moving market, which could result in quicker transactions for sellers and more competition for buyers.
The List to Sold Price Percentage at 97.1% shows that homes are typically selling close to their listing price. This metric can provide insight into pricing strategies and negotiation expectations for both buyers and sellers.
Finally, the Median Sold Price of $300,000 gives a snapshot of the average price at which homes are selling in the market. This figure can help buyers and sellers gauge the value of properties and make informed decisions on pricing and offers.
Overall, these metrics are interrelated and can help buyers and sellers navigate the real estate market with confidence. Understanding how these indicators correlate can lead to successful transactions and favorable outcomes for all parties involved.
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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