Let’s break down these real estate metrics to better understand how they are correlated and what they mean for buyers and sellers in the market in Lakeway, TX.
First, let’s look at the Months Supply of Inventory, which is currently at 5.48. This metric indicates how long it would take for all the current homes on the market to be sold at the current pace of sales. A lower number typically indicates a seller’s market, where demand is high and supply is limited.
Next, we have the 12-Month Change in Months of Inventory, which is at -30.1%. This shows a significant decrease in the amount of time it would take to sell all the available homes compared to the previous year. This suggests a tightening market with increased competition among buyers.
The Median Days Homes are On the Market is 66, which means that on average, homes are selling relatively quickly in this market. This could be attributed to the high demand and limited supply, leading to faster sales and potentially multiple offers on properties.
The List to Sold Price Percentage is at 95.6%, indicating that homes are typically selling very close to their listing price. This suggests that sellers are pricing their homes competitively and buyers are willing to pay close to asking price in order to secure a property in this market.
Finally, the Median Sold Price is $799,000, giving us an idea of the average price of homes that are selling in this market. This high median price point could be a result of limited inventory and high demand, driving up prices.
In summary, these metrics suggest that the market is currently favoring sellers, with low inventory, quick sales, and homes selling close to asking price at a higher median price point. Buyers should be prepared to act quickly and potentially pay close to asking price, while sellers may benefit from the current market conditions with the potential for quick sales at favorable prices.
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.
