Let’s dive into the real estate metrics for the current market. The Months Supply of Inventory is at 3.49, which indicates the number of months it would take to sell all the current listings if no new properties were added. A lower number typically signifies a seller’s market, where demand outweighs supply in South Austin.
The 12-Month Change in Months of Inventory has decreased by 45.3%, showing a significant shift towards a tighter market. This decrease suggests that properties are selling faster than they were a year ago, which could lead to increased competition among buyers.
The Median Days Homes are On the Market is 34, indicating that properties are selling relatively quickly. This could be due to high demand or competitive pricing strategies by sellers. A lower number of days on the market can be appealing to sellers looking to make a quick sale.
The List to Sold Price Percentage is at 94.3%, indicating that properties are selling close to their asking price. This percentage suggests that sellers are pricing their homes accurately and that buyers are willing to pay close to the listed price. This can be a positive sign for both buyers and sellers, as it shows a balanced market.
Lastly, the Median Sold Price is $430,900, giving us an idea of the average price at which properties are selling. This figure can be helpful for both buyers and sellers to understand the current market value of homes in the area.
Overall, these metrics paint a picture of a market with low inventory, quick sales, and properties selling close to their list price. Buyers may need to act fast in order to secure a property, while sellers may benefit from pricing their homes competitively. It’s always a good idea to consult with a real estate professional to navigate these market conditions effectively.
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.
