Hi Friends, as a potential buyer or seller in today's real estate market, it's important to understand the correlation between key metrics that can impact your decision-making process.
Starting with the Months Supply of Inventory, which currently stands at 7.14, this metric represents the number of months it would take to sell all the homes on the market at the current pace of sales. A higher number indicates a buyer's market, while a lower number indicates a seller's market. In this case, a 7.14-month supply suggests a balanced market where both buyers and sellers have opportunities.
The 12-Month Change in Months of Inventory is a crucial indicator of market trends. If this number is decreasing, it could signal a tightening of the market and potentially lead to rising prices. Conversely, an increase in this metric could indicate a softening market and potentially lower prices.
The Median Days Homes are On the Market, which currently stands at 43, is a measure of how quickly homes are selling. A lower number suggests a fast-moving market, while a higher number may indicate properties are sitting on the market longer. In this case, 43 days is relatively quick, indicating a strong demand for homes in this area.
The List to Sold Price Percentage of 99.3% demonstrates that homes in this market are typically selling very close to their listing price. This can be a helpful indicator for sellers to understand how much negotiating power they may have when setting their listing price.
Finally, the Median Sold Price of $714,776 provides insight into the overall pricing trends in the market. This figure represents the middle point of all the home sales in the area, giving buyers and sellers a benchmark for understanding current property values.
Overall, these metrics suggest a balanced real estate market with a strong demand for homes, relatively quick sales, and homes selling close to their listing price. Buyers and sellers should use this information to make informed decisions based on the current market conditions.
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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