The Brownstone Group's Bi Weekly Email Newsletter
July 14th, 2023
Although the number of homes sold and under contract is down compared to last year, it's important to note that inventory remains low, which can contribute to a competitive market. We continue to be in a seller's market with 1.5 months of supply of inventory and continued strength in pricing. Magnolia is at 3.3 months of supply, Conroe at 3.0 and Tomball at 3.2. Any turn under a 6 months of supply is considered a seller's market.
However, it's worth considering the increase in cumulative days on the market and median days on the market compared to the previous year, which suggests a potential slowdown in the pace of sales.
If you have a specific question about your market, please contact me for deeper insights and guidance specific to your area's real estate market dynamics. I can help you navigate the current market conditions and make informed decisions based on your individual goals.
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