Let’s break down the correlation between these real estate metrics to help buyers and sellers understand the current market conditions according to my Bee Cave November 2024 Residential Housing Market Update.
First, the Months Supply of Inventory is at 6.94, which means it would take approximately 6.94 months to sell all the current inventory if no new listings were added. This number gives us an indication of the balance between supply and demand in the market.
The 12-Month Change in Months of Inventory has increased by +63.68%, indicating a significant increase in inventory over the past year. This could suggest a shift towards a buyer’s market, as there are more homes available for sale.
The Median Days Homes are On the Market is 66, which shows the average amount of time it takes for a home to sell. A lower number indicates a faster-moving market, while a higher number may mean homes are taking longer to sell.
The List to Sold Price Percentage is at 92.3%, which means that homes are typically selling for 92.3% of their list price. This percentage can give sellers an idea of how much negotiating room there may be in the current market.
According to my Bee Cave November 2024 Residential Housing Market Update, the Median Sold Price is $1,050,000, which represents the middle price point of all homes sold in the area. This number can give both buyers and sellers an idea of the overall market value in the area.
In summary, based on these metrics, we can see that there is a higher inventory of homes on the market compared to last year, which could indicate more options for buyers. Homes are taking about 66 days to sell on average, and sellers are typically getting around 92.3% of their asking price. Overall, the median sold price is $1,050,000, providing a snapshot of the current market value in the area. Buyers and sellers should keep these factors in mind when making real estate decisions.
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.
