In May 2023, the median sold price in Montgomery was $399,305. This is a great indicator of the strength of the local real estate market. Whether you’re buying or selling, contact me to discuss how this could impact your real estate goals.
MARKET TRENDS ANALYSIS:
As a real estate professional, it is important to understand the correlation between different metrics to effectively guide buyers and sellers in their decisions. Let’s take a closer look at the relationship between the following real estate metrics:
Firstly, the Months Supply of Inventory is 3.29. This metric indicates how long it would take for all the current homes on the market to sell based on the current rate of sales. A lower number typically indicates a seller’s market, while a higher number indicates a buyer’s market. In this case, 3.29 months of inventory is relatively low, which suggests that we are currently experiencing a seller’s market.
However, it is important to also consider the 12-Month Change in Months of Inventory, which is +63.68%. This means that there has been a significant increase in the amount of inventory available for sale compared to the same time last year. While we are currently in a seller’s market, this increase in inventory may suggest a shift towards a more balanced market in the future.
The Median Days Homes are On the Market is 37. This metric represents the average number of days that homes are listed on the market before being sold. A lower number typically indicates a hot market where homes are selling quickly. In this case, 37 days is relatively low, which further supports the idea that we are currently in a seller’s market.
The List to Sold Price Percentage is 97.8%. This metric represents the percentage of the original list price that homes ultimately sell for. A higher percentage typically indicates a strong market where sellers are able to command higher prices. In this case, 97.8% is a strong percentage, which further reinforces the idea that we are currently in a seller’s market.
Finally, the Median Sold Price is $399,305. This metric represents the midpoint of all the home sale prices in the area. A higher median sold price typically indicates a strong market where buyers are willing to pay more for homes. In this case, the median sold price is relatively high, which further supports the idea that we are currently in a seller’s market.
Overall, these metrics suggest that we are currently in a seller’s market where homes are selling quickly for high prices. However, the increase in inventory over the past year may suggest a shift towards a more balanced market in the future. As a real estate professional, it is important to keep a close eye on these metrics to effectively guide buyers and sellers in their decisions.
We hope you have learned something today about the market updates and trends at Montgomery. 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 Montgomery, 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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