Let’s break down the correlation between these real estate metrics to give you a better understanding of the current market conditions according to my East Austin November 2024 Residential Housing Market Update.
First, let’s look at the Months Supply of Inventory, which is at 5.49. This number represents 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 indicates a more competitive market for buyers.
Next, we have the 12-Month Change in Months of Inventory, which is at -7.58%. This decrease suggests that the market has become more competitive over the past year, with homes selling at a faster rate.
The Median Days Homes are On the Market is 53, which means that on average, homes are selling relatively quickly in this market. This could be due to high demand or attractive pricing.
The List to Sold Price Percentage is 95.5%, indicating that homes are typically selling for 95.5% of their listing price. This suggests that sellers are able to negotiate favorable deals in this market.
Lastly, the Median Sold Price is $525,000, giving us an idea of the average price at which homes are selling. This price point can influence both buyers and sellers in terms of their expectations and negotiations.
Overall, these metrics paint a picture of a competitive real estate market with homes selling quickly and at prices close to their listing prices. Buyers may need to act fast and be prepared to make competitive offers, while sellers may have the opportunity to secure favorable deals. It’s important for both buyers and sellers to stay informed and work with a knowledgeable real estate professional to navigate these market conditions effectively according to my East Austin November 2024 Residential Housing Market Update.
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.
