Let’s break down the correlation between these real estate metrics to help both buyers and sellers understand the current market conditions according to my Northwest Austin November 2024 Residential Housing Market Update.
First, let’s look at the Months Supply of Inventory in Northwest Austin, which is at 3.21. This number indicates 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 signifies a seller’s market, where there is high demand and limited supply.
Next, we have the 12-Month Change in Months of Inventory, which is at -9.07%. This shows a decrease in the number of months it would take to sell all the current homes on the market compared to the previous year. A negative change indicates that the market is becoming more competitive and homes are selling faster.
The Median Days Homes are On the Market is 52, which gives an idea of how quickly homes are selling. A lower number suggests that homes are selling relatively quickly, which is good news for sellers.
The List to Sold Price Percentage is at 97.4%, indicating that homes are typically selling very close to their asking price. This means that sellers are receiving offers that are close to their desired price, which could be seen as a positive for them.
Lastly, the Median Sold Price is $537,000, giving an idea of the average price at which homes are selling. This information is crucial for both buyers and sellers to understand the current market value of homes in the area.
According to my Northwest Austin November 2024 Residential Housing Market Update, these metrics paint a picture of a competitive market with low inventory and homes selling quickly at prices close to the asking price. Sellers may benefit from these conditions, while buyers may need to act fast and be prepared to make competitive offers. It’s essential for both parties to stay informed and work with a knowledgeable 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.
