As a potential buyer or seller in the current real estate market, it is important to understand the correlation between various key metrics in order to make informed decisions.
The Months Supply of Inventory, which currently stands at 2.56, indicates the number of months it would take to sell all existing inventory at the current sales pace. A lower number typically signals a seller's market, while a higher number suggests a buyer's market.
The 12-Month Change in Months of Inventory, which has increased by +21.33%, demonstrates a shift in market conditions over the past year. This increase could indicate a cooling off in the market or a potential increase in inventory.
The Median Days Homes are On the Market, at 30 days, reflects the average amount of time it takes for a home to sell. A lower number suggests a faster-moving market, while a higher number may indicate slower sales.
The List to Sold Price Percentage, currently at 99.2%, shows the ratio of the final sale price to the original listing price. A higher percentage indicates that homes are selling close to their asking price, which could signal a competitive market.
Lastly, the Median Sold Price of $335,950 represents the middle point of all home sale prices in the market. This metric gives an idea of the overall pricing trend and can help buyers and sellers gauge market value.
Overall, these metrics paint a picture of a competitive real estate market with limited inventory, relatively quick sales, and homes selling close to their asking price. Buyers may face increased competition, while sellers may benefit from higher sale prices. It is essential to consider these factors when entering the market to ensure a successful transaction.
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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