Let’s break down the real estate metrics to understand how they correlate and what they mean for buyers and sellers in the current market in Austin TX.
First, the Months Supply of Inventory is 5.36, which indicates how long it would take for all the current homes on the market to sell at the current pace of sales. A lower number typically signifies a seller’s market, where demand is high compared to supply.
The 12-Month Change in Months of Inventory is +6.35%, showing an increase in the time it would take to sell all the homes on the market compared to the previous year. This could suggest a shift towards a more balanced market or even a buyer’s market.
Next, the Median Days Homes are On the Market is 48, meaning that on average, homes are selling relatively quickly in this market. This could indicate strong demand and competition among buyers.
The List to Sold Price Percentage is 96.9%, which shows that homes are typically selling for just under their list price. This could indicate that sellers have some negotiating power but are still pricing their homes competitively.
Finally, the Median Sold Price is $575,000, giving buyers and sellers an idea of the average price of homes in this market. This can help both parties determine their pricing strategies and expectations.
Overall, these metrics suggest a market where homes are selling relatively quickly, with sellers still able to command prices close to their list price. However, the increase in months of inventory compared to the previous year may indicate a shift towards a more balanced market, which could potentially give buyers more options and negotiating power. It’s important for both buyers and sellers to stay informed about these trends to make informed decisions in the current real estate market.
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.
