As a real estate professional, it is important to understand the correlation between various key metrics in the market to provide valuable insights to both buyers and sellers.
The Months Supply of Inventory is a critical indicator of market conditions, with a current rate of 2.14 indicating a seller's market where demand exceeds supply. This low inventory level typically leads to quicker sales and higher prices.
The 12-Month Change in Months of Inventory, when compared to the current supply, can provide a trend analysis of market conditions. A decreasing trend in months of inventory over the past year suggests a tightening market, further supporting the seller's market status.
The Median Days Homes are On the Market at 141 days may seem high compared to the low inventory levels, but it is important to note that this metric can vary based on local market conditions and property specifics. Homes priced competitively and in desirable locations may sell much quicker.
The List to Sold Price Percentage of 96.7% indicates that homes are generally selling close to their listing price, demonstrating strong negotiation skills and market demand. This can be reassuring for sellers looking to maximize their returns.
Lastly, the Median Sold Price of $672,000 provides a snapshot of the current market value of homes in the area. This figure, combined with other metrics, can help both buyers and sellers make informed decisions on pricing and offers.
In conclusion, the correlation between these real estate metrics paints a picture of a competitive market with low inventory levels, quick sales, strong negotiation skills, and rising home prices. Buyers and sellers alike can use this information to navigate the market effectively and achieve their real estate goals.
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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