Let’s break down these real estate metrics to understand how they are correlated and what they mean for buyers and sellers according to my Austin November 2024 Residential Housing Market Update.
First, let’s look at the Months Supply of Inventory, which is currently at 4.28. This metric tells us how long it would take to sell all the homes on the market at the current sales pace. A lower number indicates a seller’s market, where demand is high and supply is limited.
Next, we have the 12-Month Change in Months of Inventory, which is -9.13%. This shows a decrease in the amount of time it would take to sell all available homes compared to the previous year. This could be a sign of increased demand or decreased supply.
The Median Days Homes are On the Market is 60, which means that on average, homes are selling relatively quickly. This could be due to competitive pricing, desirable location, or other factors attracting buyers.
The List to Sold Price Percentage is 96.9%, indicating that homes are typically selling very close to their list price. This suggests that sellers are pricing their homes accurately and buyers are willing to pay close to the asking price.
Lastly, the Median Sold Price is $567,000, giving us an idea of the average selling price in the market. This can be helpful for both buyers and sellers to understand the current market value of homes.
Overall, these metrics suggest a balanced market with moderate demand, relatively quick sales, and homes selling close to their list prices. For buyers, this means being prepared to act quickly and make competitive offers. For sellers, it indicates the importance of pricing your home accurately to attract buyers and maximize your sale price according to my Austin 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.
