December 2024 Bastrop County Market Update

The real estate market is currently experiencing a healthy balance between supply and demand, as indicated by the Months Supply of Inventory at 5.89. This means that it would take approximately 5.89 months to sell all the current inventory of homes on the market.  The 12-Month Change in Months of Inventory has increased by +22.2%, suggesting a slight increase in inventory levels over the past year. Despite this increase, the market remains stable and inventory levels are still within a reasonable range. Homes are spending a median of 78 days on the market before being sold, indicating a relatively swift turnaround time for sellers. This is further supported by the List to Sold Price Percentage of 99.9%, showing that homes are typically selling very close to their listing price. The Median Sold Price of $368,945 reflects a strong market with stable prices. Buyers can expect to find properties at a fair market value, while sellers can benefit from receiving a competitive price for their homes. Overall, these metrics paint a picture of a balanced and active real estate market, making it a favorable environment for both buyers and sellers.

Elgin Texas Market Update

As a prospective buyer or seller in the current real estate market in Elgin, it is important to understand the correlation between various key metrics to make informed decisions.  The Months Supply of Inventory is a critical indicator of market conditions, revealing the balance between supply and demand. With a 4.17 months supply of inventory in Elgin, we are currently in a seller's market where demand exceeds supply, potentially leading to higher prices. The 12-Month Change in Months of Inventory, which has increased by 12.1%, suggests a shift in the market towards a more balanced state. This could indicate a cooling off period or a potential opportunity for buyers to have more negotiating power. The median days homes are on the market is a relatively short 39 days, indicating a fast-moving market where properties are selling quickly. This could be attributed to the high demand and limited inventory. The List to Sold Price Percentage of 98.8% signifies that properties are typically selling close to their asking price. This could be a result of competitive bidding among buyers, further driving up prices. Lastly, the Median Sold Price of $301,375 gives an idea of the average price at which properties are selling in the current market. This can serve as a benchmark for both buyers and sellers in determining fair market value. Overall, these metrics paint a picture of a dynamic real estate market with high demand, limited inventory, and competitive pricing. Buyers may need to act quickly and be prepared to make strong offers, while sellers may benefit from the current market conditions to maximize their returns. It is essential to stay informed and work with a knowledgeable real estate professional to navigate the complexities of the market effectively.

Bastrop County Texas Market Update

The real estate market is currently experiencing a healthy balance between supply and demand, as indicated by the Months Supply of Inventory at 5.03. This metric represents the number of months it would take to sell all the current homes on the market at the current rate of sales. A lower number suggests a seller's market, while a higher number indicates a buyer's market. The 12-Month Change in Months of Inventory decreasing by -10.5% shows that the market has become more competitive for buyers over the past year. This could be due to a decrease in new listings or an increase in sales activity. The Median Days Homes are On the Market at 50 days indicates that homes are selling relatively quickly in this market. This could be attributed to a combination of factors such as competitive pricing, desirable location, and effective marketing strategies. The List to Sold Price Percentage at 99.2% suggests that sellers are pricing their homes accurately and buyers are willing to pay close to the asking price. This reflects a strong negotiating environment and a high level of buyer interest. Finally, the Median Sold Price of $370,495 indicates the average selling price of homes in this market. This can be used as a benchmark for both buyers and sellers to understand the current value of properties in the area. Overall, these metrics suggest a dynamic real estate market with opportunities for both buyers and sellers. Buyers may need to act quickly to secure a property, while sellers can expect to receive competitive offers close to their asking price. It is important for both parties to stay informed and work with a professional real estate agent to navigate the market effectively.