Let’s take a closer look at the real estate market data to understand how these metrics are correlated according to my South Austin November 2024 Residential Housing Market Update.
First, the Months Supply of Inventory is at 3.51, which indicates the number of months it would take to sell all currently listed homes at the current sales pace. A lower number typically signifies a seller’s market, where demand exceeds supply.
The 12-Month Change in Months of Inventory is at -42.17%, showing a significant decrease in the number of months it would take to sell all available homes compared to the previous year. This suggests a tightening of the market and increased competition among buyers.
The Median Days Homes are On the Market is 87, which means that on average, homes are selling relatively quickly. This could be due to high demand and low inventory levels, leading to faster transactions.
The List to Sold Price Percentage is at 95.7%, indicating that homes are selling close to their listing price. This could suggest a strong seller’s market where buyers are willing to pay close to the asking price.
Lastly, the Median Sold Price is $665,000, which is a key indicator of market value. This figure represents the middle point of all home sales, showing the general price range of homes in the area.
Overall, these metrics paint a picture of a competitive real estate market with low inventory levels, quick sales, and strong selling prices. Buyers may face stiff competition, while sellers may benefit from favorable market conditions. It’s important for both buyers and sellers to stay informed and work with a knowledgeable real estate agent to navigate these market dynamics effectively according to my South 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.
