As a professional in the real estate industry, it is crucial to understand the correlation between various real estate metrics in order to make informed decisions as a buyer or seller.
The Months Supply of Inventory is a key indicator of the balance between supply and demand in the market. With a low months supply of inventory at 2.13, it indicates that there is a high demand for homes compared to the available supply. This can lead to a competitive market with potentially higher prices.
The 12-Month Change in Months of Inventory increasing by +53.24% suggests that the market may be shifting towards a more balanced or even a buyer's market. This could indicate that there is a higher supply of homes entering the market, which may lead to more options for buyers and potentially lower prices.
The Median Days Homes are On the Market at 12 days indicates that homes are selling relatively quickly in this market. This could be attributed to the high demand and low inventory levels, driving competition among buyers.
The List to Sold Price Percentage being 98.3% suggests that homes are generally selling very close to their list price. This indicates that sellers are pricing their homes accurately and buyers are willing to pay close to the asking price.
Lastly, the Median Sold Price of $508,500 gives an idea of the average price at which homes are selling in this market. With all these metrics considered together, it is clear that this market is currently experiencing high demand, low inventory levels, and homes selling quickly at close to their asking price.
Overall, buyers and sellers should pay close attention to these real estate metrics in order to make informed decisions in this competitive 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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