The latest year-over-year data from the Austin Board of REALTORS® reveals that the median sales price for the Austin-Round Rock-Georgetown MSA remained stable, even showing a slight increase, and the peak season for real estate is living up to expectations.
Clare Losey, Ph.D., housing economist for Unlock MLS and the Austin Board of REALTORS®, shared, “The MSA experienced an increase in sales, indicating more opportunity in the market for all buyers. Despite the higher rate environment, the uptick in affordable inventory in the $300,000 range is allowing more first-time buyers to achieve homeownership. As we progress through the year, mortgage rates are expected to remain elevated with a slight possibility of a gradual decrease, which would result in an increase in buyers’ purchasing power.”
April saw a significant surge in market activity, with new listings up by 26.1% and active listings increasing by 31.9%. Closed sales rose by 5.9%, pending sales grew by 2.5%, and the months of inventory increased by 1.2 months. This reflects the market’s absorption rate, indicating that while new listings are being absorbed well, properties are staying on the market longer. Another key point is the average close-to-list price, which is at 95.6%, a 1.8% increase from the previous year.
Selling Your Home in 2024
For sellers, this is encouraging news. Prices are holding steady and even showing a slight upward trend. The strong close-to-list price ratio means that homes are selling close to their asking prices. Although there is increased competition during the busy seasons, you can remain confident in stable sales prices. Buyers are more active now, and if your home is priced correctly, well-staged, and marketed by an experienced agent, it stands a good chance in the market. It’s crucial to work with a real estate professional who has experience navigating various market conditions.
Buying a Home in 2024
For buyers, despite recent fluctuations in mortgage interest rates, the last two weeks have shown a downward trend. It’s essential to have a knowledgeable mortgage professional to secure the best mortgage program for your needs. If you need recommendations, feel free to contact us.
There are opportunities for buyers in the current market, but having a skilled real estate agent who excels in negotiation is vital to securing the best deal. Builders, in particular, are more willing to negotiate, but knowing the right questions and how to ask them is key.
Month-Over-Month Numbers
These figures present a slightly different perspective, making them essential for our analysis. Month-over-month data is strong, showing a 4.3% rise in median sales price, a 5.4% increase in closed sales, and gains in new listings, active listings, and pending sales. Notably, the average days on market decreased by 12 days.
The market is gaining momentum, offering promising opportunities for both buyers and sellers. In other words, it’s an excellent time to sell and a great time to buy.
Williamson County Statistics
Trends in Williamson County differed from the larger MSA in some ways. The year-over-year median sales price decreased by 2.5% to $435,000. Meanwhile, new listings increased by 23%, active listings decreased by 26.3%, and pending sales were down less than 1%. Lastly, months of inventory grew by 0.8 months to 3.4 months.
Final Thoughts
Hiring an experienced and knowledgeable real estate professional is crucial. Whether you’re selling or buying, an agent’s expertise in pricing, marketing, and negotiation can make a significant difference when it comes to achieving your real estate goals. A home is often the largest investment you’ll make, so it’s essential to work with a fiduciary who prioritizes your interests above all else. We take this responsibility seriously and are committed to protecting your interests every step of the way.
Stay Tuned For More Market Updates
Want to talk through your specific home buyer or seller situation? We’re always here to help–contact The Cummings Team® today!