Let’s break down the real estate metrics to understand how they are correlated and what they mean for both buyers and sellers with my Lago Vista November 2024 Residential Housing Market Update.
First, the Months Supply of Inventory is at 7.95, which indicates how long it would take for all the current homes on the market to be sold at the current sales pace. A higher number typically signifies a buyer’s market, where there is more inventory available than there are buyers.
The 12-Month Change in Months of Inventory is at +12.61%, showing an increase in the supply of homes compared to the previous year. This could mean that there are more options for buyers to choose from, potentially leading to softer prices.
The Median Days Homes are On the Market is 58, which tells us the average number of days it takes for a home to sell. A lower number suggests a faster-moving market, where homes are in demand and selling quickly.
The List to Sold Price Percentage is 92.5%, indicating that homes are typically selling for 92.5% of their listing price. This could show that sellers may need to be more flexible with their pricing to attract buyers in this market.
Lastly, the Median Sold Price is $403,000, giving us an idea of the average price at which homes are selling. This number can be used as a benchmark for both buyers and sellers to understand the current market value of properties.
Overall, these metrics suggest that there is a decent supply of homes on the market, with prices holding steady and homes selling relatively quickly. Buyers may have more options to choose from, while sellers may need to price their homes competitively to attract buyers. It’s important for both parties to stay informed about market conditions and work with a real estate professional to navigate the current market effectively according to my Lago Vista 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.
