As a real estate professional, it is crucial to understand the correlation between various metrics in the market to provide valuable insights to both buyers and sellers.
The Months Supply of Inventory is a key indicator of the balance between supply and demand in the market. With a current level of 3.48 months, this signifies a seller's market where there are more buyers than available properties. This low inventory level can lead to increased competition among buyers, potentially resulting in higher selling prices.
The 12-Month Change in Months of Inventory is also important to consider, as it indicates the trend in the market. With a significant increase of +18.77%, this suggests that the market may be shifting towards a more balanced or even buyer's market. Sellers should be aware of this trend and adjust their pricing and marketing strategies accordingly.
The Median Days Homes are On the Market at 30 days indicates that properties are selling relatively quickly in this market. This is a positive sign for sellers, as it shows strong demand and interest from buyers.
The List to Sold Price Percentage of 97.6% reflects that, on average, properties are selling very close to their list price. This is reassuring for sellers, as it suggests that they are pricing their properties competitively and accurately.
Lastly, the Median Sold Price of $330,000 gives buyers and sellers a benchmark for the current market value of properties. This information can help both parties make informed decisions when it comes to pricing and negotiating.
Overall, these metrics paint a picture of a dynamic real estate market with strong demand, limited inventory, and competitive pricing. Buyers and sellers should pay close attention to these indicators to navigate the market effectively and achieve their 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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