As a real estate professional, it is important to understand the correlation between key metrics in the market to provide valuable insights to both buyers and sellers.
The Months Supply of Inventory, which currently stands at 4.01, indicates the number of months it would take to sell all the homes on the market based on the current pace of sales. A lower months supply indicates a seller's market, while a higher months supply suggests a buyer's market.
The 12-Month Change in Months of Inventory, which has increased by +16.91%, signals a shift in the market dynamics. An increase in months of inventory could mean that there are more homes available for sale, potentially giving buyers more options to choose from.
The Median Days Homes are On the Market, at 40 days, highlights the average time it takes for a home to sell. A lower number of days on the market typically indicates a strong demand for homes in the area.
The List to Sold Price Percentage, currently at 96.6%, reveals the average percentage difference between the listing price and the final sold price of a home. A higher percentage suggests that homes are selling close to their listing price, which could indicate a competitive market.
Lastly, the Median Sold Price of $378,800 provides an insight into the average price at which homes are selling in the market. This information is crucial for both buyers and sellers to understand the current value of properties in the area.
Overall, these metrics paint a picture of a market that is experiencing a slight increase in inventory, while still maintaining strong demand and competitive pricing. Buyers may have more options to choose from, while sellers can expect their homes to sell relatively quickly and close to their asking price. It is important for both buyers and sellers to stay informed about these key metrics to make informed decisions in the real estate 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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