Let’s break down the real estate metrics to understand how they correlate with each other according to my Round Rock November 2024 Residential Housing Market Update.
First, let’s look at the Months Supply of Inventory, which is currently at 3.26. This number indicates how many months it would take to sell all the current inventory of homes if no new listings were added. A lower number typically means a seller’s market, where there is high demand for homes compared to the supply available.
Next, we have the 12-Month Change in Months of Inventory, which is at -4.12%. This negative change indicates that the supply of homes on the market has decreased over the past year, leading to a tighter market with potentially higher prices.
The Median Days Homes are On the Market is 46, which shows how long it takes for a home to sell once it is listed. A lower number suggests that homes are selling quickly, which could be due to high demand and low inventory.
The List to Sold Price Percentage is 97.6%, indicating that homes are typically selling close to their list price. This percentage reflects the negotiation power of buyers and sellers in the current market.
Lastly, according to my Round Rock November 2024 Residential Housing Market Update, the Median Sold Price is $409,921, which represents the middle price of all homes sold in the area. This number gives an idea of the overall pricing trends in the market.
When we put all these metrics together, we can see a clear picture of a competitive real estate market with low inventory, quick sales, and homes selling close to their list price. Buyers may face challenges in finding available properties, while sellers may benefit from selling their homes quickly and at or close to their asking price. It’s important for both buyers and sellers to stay informed about market trends to make informed 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.
