Let’s break down the correlation between these real estate metrics to give you a better understanding of the current market conditions in West Austin.
First, the Months Supply of Inventory is 7.68, which means it would take approximately 7.68 months to sell all the currently listed homes if no new listings were added. This indicates a balanced market where supply and demand are fairly even.
Next, the 12-Month Change in Months of Inventory is +2.67%, showing a slight increase in inventory over the past year. This could suggest a shift towards a more buyer-friendly market as there are more homes available for sale.
The Median Days Homes are On the Market is 82, which is a moderately high number. This could indicate that homes are taking a bit longer to sell, possibly due to the increased inventory.
The List to Sold Price Percentage is 95.5%, indicating that homes are typically selling for 95.5% of their list price. This suggests that sellers may need to be willing to negotiate on price in order to close a deal.
Lastly, the Median Sold Price is $1,450,000, which gives us an idea of the overall price range of homes in this market. This high median price could be influencing the longer days on market as buyers may be taking more time to make such a significant investment.
Overall, these metrics suggest a market that is in a state of transition, with a slightly increasing inventory leading to longer days on market and potentially more negotiating power for buyers. Sellers may need to be strategic in pricing their homes to attract buyers in this competitive 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.
