Let’s dive into the correlation between these real estate metrics to give you a better understanding of the current market conditions according to my Southwest Austin November 2024 Residential Housing Market Update.
First, let’s look at the Months Supply of Inventory, which stands at 2.35. This metric indicates how long it would take for all the current homes on the market to be sold, given the current sales pace. A lower number suggests a seller’s market, where demand exceeds supply.
Next, we have the 12-Month Change in Months of Inventory, which shows a decrease of 18.4%. This decline indicates a trend towards a tighter market, with homes selling at a faster rate compared to the previous year.
The Median Days Homes are On the Market is 40, which is relatively low. This means that homes are selling quickly, likely due to high demand and limited inventory.
The List to Sold Price Percentage is 98.6%, indicating that homes are typically selling very close to their listing price. This suggests a competitive market where sellers are receiving offers close to their asking price.
According to my Southwest Austin November 2024 Residential Housing Market Update, the Median Sold Price is $507,822, giving us an idea of the average selling price in the current market. This figure reflects the overall value of homes being sold in the area.
Overall, these metrics paint a picture of a competitive real estate market with low inventory, high demand, and homes selling quickly at prices close to the listing price. Buyers may face challenges in finding available properties, while sellers may benefit from the strong market conditions. It’s essential to keep these factors in mind when navigating the real estate market as either a buyer or a seller.
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.
