As a real estate professional, it is important to understand the correlation between various metrics in the market in order to provide valuable insights to both buyers and sellers.
In this particular market, we see that the Months Supply of Inventory is currently at 2.06, indicating a relatively low supply of homes available for sale. This means that there is high demand for properties in this area.
The 12-Month Change in Months of Inventory is at +19.08%, suggesting that the inventory levels have increased over the past year. This could be due to an influx of new listings or a decrease in demand.
Despite the increase in inventory levels, the Median Days Homes are On the Market is only 7, indicating that properties are selling quickly in this market. This could be attributed to the high demand and low supply of homes available for sale.
Furthermore, the List to Sold Price Percentage is at 99.6%, showing that homes in this market are selling very close to their asking price. This indicates that sellers are pricing their properties accurately and buyers are willing to pay close to the list price.
Lastly, the Median Sold Price in this market is $2,152,750, which is a reflection of the high demand and low supply in the area. With properties selling quickly and close to their asking price, sellers in this market have the opportunity to achieve a favorable selling price for their homes.
Overall, the correlation between these metrics indicates a strong real estate market with high demand, low inventory levels, and properties selling quickly at or near their asking price. Buyers and sellers should take note of these trends when making decisions 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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