Hi Friends, as a real estate professional, it is important to understand the correlation between key metrics in the market to help buyers and sellers make informed decisions.
The Months Supply of Inventory being at 3.41 indicates that there is a balanced market, with a fairly equal number of homes available for sale and buyers looking to purchase. This can create a competitive environment for sellers, leading to quicker sales and potentially higher prices.
The 12-Month Change in Months of Inventory increasing by +8.6% suggests that there may be a slight shift towards a buyer's market, as inventory levels are rising compared to the previous year. This could lead to more options for buyers and potentially lower prices.
The Median Days Homes are On the Market being 40 shows that homes are selling relatively quickly in this market. This could be attributed to the low inventory levels and high demand from buyers.
The List to Sold Price Percentage of 97.8% indicates that sellers are generally able to sell their homes close to the listing price. This can be a positive sign for sellers, as it shows that there is strong demand for properties in the market.
Finally, the Median Sold Price of $310,765 gives buyers and sellers an idea of the average price point in the market. This can help both parties understand the value of properties in the area and make informed decisions when buying or selling.
Overall, these metrics suggest a competitive market with strong demand from buyers and sellers. It is important for buyers to act quickly and make strong offers, while sellers may benefit from listing their properties at competitive prices to attract buyers in this 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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