Attention Buyers and Sellers in Tomball, Texas! As a REALTOR® with the Houston Suburb Group, we are excited to share that the current market trends show a 1.74 Months Supply of Inventory. Over the last 12-months, Months Supply of Inventory has increased by +29.85%. This is a great time to make your move!
When analyzing the real estate market, several metrics are used to gain insight into how the market is behaving. One of the essential metrics is the Months Supply of Inventory, which indicates how long it would take for all the homes currently on the market to be sold if no new homes were listed. In this case, the Months Supply of Inventory is 1.74, which is relatively low. This means that the market is currently favoring sellers, as there are fewer properties available for buyers to choose from.
Another metric that offers insight into the market’s behavior is the 12-Month Change in Months of Inventory, which indicates how the supply of homes has changed over the past year. A positive percentage indicates that the supply of homes has increased, while a negative percentage indicates that the supply has decreased. In this case, the 12-Month Change in Months of Inventory is +29.85%, meaning that there are more homes available on the market than there were a year ago.
The Median Days Homes are On the Market is another crucial metric to look at when analyzing the real estate market. This metric indicates how long it takes for a home to sell once it’s listed. In this case, the median days homes are on the market is 17, which is relatively short. This suggests that homes are selling quickly, and there’s high demand from buyers.
The List to Sold Price Percentage is another essential metric as it indicates the percentage of the listing price that a home ultimately sells for. In this case, the List to Sold Price Percentage is 98.8%, indicating that homes are selling for almost the full listing price.
Finally, the Median Sold Price is the median price at which homes are selling in the market. In this case, the Median Sold Price is $375,000, which is relatively high. This suggests that the market is doing well, and there’s a lot of demand from buyers, which is driving up prices.
Overall, these metrics suggest that the real estate market is currently favoring sellers, with low inventory, high demand, and homes selling quickly and for high prices. Buyers should be prepared to act quickly and make competitive offers, while sellers can expect to receive strong offers and sell their homes quickly.
We hope you have learned something today about the market updates and trends at Tomball. 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 Tomball, 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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