Let’s dive into the real estate metrics to understand how they are interconnected and what they mean for buyers and sellers in the current market according to my West Lake Hills November 2024 Residential Housing Market Update.
First, let’s look at the Months Supply of Inventory, which is currently at 6.11. This metric represents how long it would take for all the current homes on the market to sell at the current pace of sales. A lower number indicates a seller’s market, while a higher number indicates a buyer’s market.
The 12-Month Change in Months of Inventory is showing a significant increase of +41.44%. This means that there has been an increase in the number of homes available for sale compared to the previous year. This could signal a shift towards a buyer’s market or a slowdown in the market.
Next, the Median Days Homes are On the Market is 74. This metric tells us how long, on average, it takes for a home to sell once it is listed. A lower number indicates a faster-moving market, while a higher number suggests homes are taking longer to sell.
The List to Sold Price Percentage is at 94.6%. This metric shows the percentage of the listing price that homes are actually selling for. A higher percentage indicates that homes are selling close to their listing price, which could be a sign of a strong market.
Finally, the Median Sold Price is listed at $1,417,000. This is the midpoint of all the home prices sold in the area. It gives us an idea of the overall pricing trend in the market.
When we look at these metrics together, we can see that there is an increase in inventory and homes are taking longer to sell. However, the list to sold price percentage is still relatively high, indicating that homes are selling close to their listing price. The median sold price is also quite high, showing that the market is still seeing strong pricing.
For buyers, this could mean more options to choose from and potentially more negotiating power. Sellers may need to be strategic with their pricing and marketing to stand out in a more competitive market. It’s essential to keep an eye on these metrics to make informed decisions in the real estate market according to my West Lake Hills 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.
