The Katy, Texas real estate market is heating up, and as a REALTOR® with The Houston Suburb Group, we are excited to help you take advantage of the current market trends. With a low supply of inventory and a high List to Sold Price percentage, it’s a great time to make a move.
MARKET TRENDS ANALYSIS:
When analyzing the real estate market, it’s important to consider a variety of metrics to gain a comprehensive understanding of the current state of affairs. In this case, we’ll be looking at the correlation between five key metrics: Months Supply of Inventory, 12-Month Change in Months of Inventory, Median Days Homes are On the Market, List to Sold Price Percentage, and Median Sold Price.
First and foremost, the Months Supply of Inventory is a crucial metric that gives us an indication of how balanced the current real estate market is. A months supply of inventory of 2.3 indicates a seller’s market, where there are more buyers than available properties.
The 12-Month Change in Months of Inventory is also important, as it shows us how the market has changed over the past year. In this case, the -35.03% decrease suggests that the market has become even more competitive for buyers over the past year, as inventory has decreased.
Next, the Median Days Homes are On the Market is a useful metric that helps us understand how quickly homes are selling. In this case, the median of 39 days suggests that homes are selling relatively quickly, which is typical in a seller’s market.
The List to Sold Price Percentage is another key metric that buyers and sellers should pay close attention to. This figure represents the percentage of the original list price that a home eventually sells for. The high percentage of 96.8% suggests that homes are selling for very close to their original list price, which is good news for sellers.
Finally, the Median Sold Price is an important metric for both buyers and sellers. A median sold price of $526,755 indicates that homes in this market are selling for a relatively high price point.
Overall, these metrics suggest that the current real estate market is a seller’s market with limited inventory and high demand. Homes are selling quickly and for close to their original list price, with median sold prices at a relatively high point. Buyers should be prepared to act quickly and potentially pay a premium for properties, while sellers can expect to receive strong offers for their homes.
We hope you have learned something today about the market updates and trends at Katy. 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 Katy, 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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