Let’s break down the real estate metrics to understand how they are correlated and what they mean for buyers and sellers in the current market according to my Cedar Park November 2024 Residential Housing Market Update.
First, let’s look at the Months Supply of Inventory, which is currently at 2.66. This metric represents how many months it would take to sell all the current homes on the market if no new listings were added. A lower number indicates a seller’s market, where demand is high and supply is low, leading to potentially higher prices.
Next, we have the 12-Month Change in Months of Inventory, which is at -6.67%. This shows a decreasing trend in inventory over the past year, indicating a tightening market. With fewer homes available, sellers may have more leverage in negotiations.
The Median Days Homes are On the Market is 58, which is relatively low. This suggests that homes are selling quickly, potentially due to high demand and limited inventory. Buyers may need to act fast in this competitive market.
The List to Sold Price Percentage is 96.2%, indicating that homes are selling close to their listing price. This could suggest that sellers are pricing their homes effectively and that buyers may need to be prepared to pay close to asking price.
According to my Cedar Park November 2024 Residential Housing Market Update, the Median Sold Price is $502,950. This gives an idea of the average price of homes that are selling in the current market. Buyers and sellers can use this information to gauge pricing trends and make informed decisions.
Overall, these metrics suggest a competitive real estate market with low inventory, quick sales, and homes selling close to asking price. Buyers may need to act quickly and be prepared to make strong offers, while sellers may have the advantage of a market that favors higher prices. It’s important for both buyers and sellers to stay informed and work with a knowledgeable real estate agent 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.
