2023 Q1 KERRVILLE AREA HOUSING REPORT
Let's examine the Kerrville real estate market's current state during the first quarter of 2023. Currently, there are 34 pending sales and 137 listings still available for purchase, resulting in a pending ratio of 19.9%. This ratio suggests that there are more properties available than qualified buyers, indicating a sluggish overall inventory. For homes priced under $1 million, it's a seller's market, while homes priced over $1 million are more favorable to buyers.
Looking further into the market, the median list price for all properties in Kerrville is $539,000. In the past six months, there have been 191 closed contracts, with a median sold price of $401,050. The average days on the market (DOM) is a crucial metric that determines market favorability for buyers or sellers. Properties that sold took a median of 81 days to sell. Over the last 30 days, the median sold price is $453,500 with a DOM of 75 days, indicating a positive demand as it is lower than the median DOM for the last six months.
The median list-to-sales ratio for this market is 95.6%, meaning the final list price that the buyer pays is typically 95.6% of the original listing price. Lastly, the absorption rate analysis predicts an inventory of 4.3 months based on the last six months of sales. This estimate determines how long it might take to sell off the current inventory of properties, but it does not account for any future properties that may enter the market. It's important to remember that real estate markets are subject to change due to various factors such as interest rates, the economy, or seasonal changes.
To obtain the latest information on the Kerrville real estate market, it is essential to contact your Fore Premier Properties real estate professional. They can provide you with the most up-to-date insights and offer strategies to effectively navigate the current market conditions. With their expertise, you can analyze market reports and create a personalized plan to achieve your real estate goals, whether you're buying or selling.
