Let’s break down these real estate metrics to understand how they are correlated and what they mean for both buyers and sellers in the market for Bee Cave, Texas. The chart appears not to be complete because of the incredibly low activity in this area for the month of September, 2024.
First, let’s look at the Months Supply of Inventory, which is currently 6.17. This metric tells us how many months it would take to sell all the existing homes on the market if no new listings were added. A lower number typically indicates a seller’s market, where demand is high and supply is limited. This push in inventory caused us to see a -24.8% in months of housing inventory.
Over 6.17 months of housing inventory shows us that it is officially right at the cusp of a buyers market. In September, the medial estimated home value was $875,310 which is a positive .2% over the last month push the 12 month change in property value to a -3.5%.
September 2024 only saw one new listing making the total of active listings reach 20 with a median days on the market at 116 days. During September, only one property went pending and two properties hit closed status.
Next, we have the 12-Month Change in Months of Inventory, which is -25.14%. This shows a decrease in the amount of time it would take to sell all the homes on the market compared to a year ago. A negative percentage means the market is tightening, which could lead to increased competition among buyers.
The Median Days Homes are On the Market is 63, indicating the average number of days it takes for a home to sell. A lower number suggests homes are selling quickly, possibly due to high demand and limited inventory.
The List to Sold Price Percentage is 96.5%, showing that homes are typically selling very close to their listing price. This could indicate a competitive market where sellers are receiving offers close to their asking price.
Lastly, the Median Sold Price is $927,200, giving us an idea of the average price at which homes are selling. This high median price could be a reflection of strong demand and limited supply in the market.
Overall, these metrics suggest a market that is favorable for sellers, with low inventory, quick sales, and homes selling close to their asking price. For buyers, this means potentially facing competition and higher prices, but also indicates a strong and active market. It’s important for both buyers and sellers to stay informed and work with a knowledgeable real estate agent 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.
