Let’s dive into some key real estate metrics that can give us a better understanding of the current market conditions according to my San Marcos November 2024 Residential Housing Market Update.
First, let’s look at the Months Supply of Inventory, which is currently at 5.9. This metric represents how long it would take for all the current homes on the market to be sold at the current pace of sales. A lower number typically indicates a seller’s market, while a higher number indicates a buyer’s market.
Next, we see that the 12-Month Change in Months of Inventory has increased by 40.48%. This means that there has been a significant increase in the amount of time it would take to sell all the current inventory, which could be an indication of a shifting market.
The Median Days Homes are On the Market is 69, which tells us how long, on average, homes are listed before they are sold. A lower number here could indicate a faster-moving market, while a higher number could mean homes are taking longer to sell.
The List to Sold Price Percentage is at 97.9%, showing that homes are typically selling very close to their listing price. This can give sellers confidence that they are pricing their homes accurately and buyers an idea of what they may need to offer to be competitive.
Lastly, the Median Sold Price is $319,940, giving us an idea of the average price at which homes are selling in the current market.
When we consider all these metrics together, we can see that there is a moderate supply of inventory, with homes selling relatively quickly and close to their listing price. However, the market may be shifting slightly towards a buyer’s market based on the increase in the Months of Inventory over the past year. Buyers and sellers should keep an eye on these trends to make informed decisions in the real estate market according to my San Marcos 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.
