Attention Porter, Texas buyers and sellers! The market trends are showing a supply shortage, with only 2.08 months of inventory available. However, over the last 12 months, the months supply of inventory has decreased by -2.8%.
MARKET TRENDS ANALYSIS:
As a real estate professional, it is important to understand the correlation between various metrics in the industry. In this case, we have a few key metrics that can help us better understand the current state of the market for both buyers and sellers.
First, let’s take a look at the months supply of inventory, which is currently at 2.08. This metric represents how long it would take for all current homes on the market to sell, based on the current rate of sales. A lower number indicates a seller’s market, while a higher number indicates a buyer’s market. With a months supply of inventory at 2.08, we can say that the current market is leaning heavily towards sellers.
Next, we have the 12-month change in months of inventory, which shows a decrease of -2.8%. This indicates that the market has become even more competitive for buyers over the last year, as inventory has decreased.
The median days homes are on the market is only 25, which is a quick turnaround time for sellers. This means that homes are selling quickly and there is high demand from buyers.
The list to sold price percentage is also an important metric to consider, as it shows how much of the original asking price a home ends up selling for. At 98%, we can see that homes are selling very close to their original list price, which is good news for sellers.
Finally, the median sold price is $335,000. This tells us that the average price of homes sold in the area is relatively high, which may indicate a higher-end market.
Overall, these metrics suggest that the current real estate market in Porter is highly competitive for buyers, with low inventory and quick turnaround times for homes on the market. Sellers can expect to see high demand and strong prices for their properties.
We hope you have learned something today about the market updates and trends at Porter. If you have any questions, reach out to our Houston Suburb Group, and our expert REALTOR® is here if you need help with the market trends and updates in Porter, so you can get ready to EXPERIENCE LIVING IN HOUSTON, TEXAS!
Source: RPR
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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