Let’s break down the correlation between these real estate metrics to help buyers and sellers better understand the current market conditions with my North Austin November 2024 Residential Housing Market Update.
First, let’s look at the Months Supply of Inventory, which is at 4.44. This metric indicates how long it would take to sell all the current listings on the market based on the current sales pace. A lower months supply of inventory typically indicates a seller’s market, where there is high demand for homes relative to the supply available.
Next, we have the 12-Month Change in Months of Inventory, which is at +33.73%. This means that there has been a significant increase in the number of months it would take to sell all the current listings compared to the previous year. This could suggest a shift towards a more balanced market or even a buyer’s market.
The Median Days Homes are On the Market is 117, showing that homes are taking longer to sell compared to a typical market where homes sell more quickly. This could be attributed to factors such as pricing, location, or overall market conditions.
The List to Sold Price Percentage is at 97.9%, indicating that homes are typically selling very close to their listing price. This could suggest that sellers are pricing their homes competitively and buyers are willing to pay close to the asking price.
Lastly, the Median Sold Price is $268,000, giving buyers and sellers an idea of the average price of homes that are selling in the current market. This can be a helpful benchmark for both parties when determining pricing strategies.
By considering these metrics collectively, buyers and sellers can gain a better understanding of the current real estate market and make more informed decisions when buying or selling a home in accordance to my North Austin November 2024 Residential Housing Market Update.
If you would like to know more about what is happening in your particular area, let’s schedule some time to speak. Each market is different and there are micro markets that may provide additional insight. I look forward to discussing what is going on with your area.
