The real estate market is ever-changing, and June delivered a 25.7% year-over-year increase in active listings (13,227 properties, to be exact) and the highest level of inventory (5.0 months) since 2011 in the Austin-Round Rock-Georgetown MSA. These factors, coupled with rising mortgage rates, moved the median sales price lower by 6.3% to $450,000.
This is good news for buyers, representing more choices in house hunting efforts, along with a more relaxed timeline for making a home selection and writing an offer.
“In June, and the first half of the year, we’ve seen sellers remain resolute in their price point, a main factor behind the decline in sales of 13.4%,” said Clare Knapp, Ph.D., housing economist for Unlock MLS and the Austin Board of REALTORS®. “For buyers, the recent surge in active listings, plus affordability constraints for moderate-income buyers, means that they are choosing to be more selective when purchasing a home.”
Further, Kent Redding, 2024 ABoR and Unlock MLS president, aptly advised, “For the remainder of the year, both buyers and sellers need to adjust the way they navigate the market. Homes are selling at 96.4% of original list price, but the homes that are selling are moving because they are showing well and priced appropriately. Price and presentation are the top two critical components to a successful sale, whereas time on the market can be a big detractor. For buyers, now is the time to expand your options and make competitive offers in this high-inventory environment. Ensure your REALTOR® is in lockstep with your motivations and goals so that you can confidently make bold decisions that maximize the opportunity present in the market.”
Year-Over-Year Market Statistics for Austin-Round Rock-Georgetown for June 2024:
Month-Over-Month Market Statistics for Austin-Round Rock-Georgetown for June 2024:
When it comes to real estate in Williamson County, the same trends are echoed–a slight decrease in median sales price, a decrease in closed sales, an increase in home inventory, a decrease in new listings, a marked increase in active listings, and a decrease in pending sales. All of these statistics are in line with the greater market area.
Year-Over-Year Market Statistics for Williamson County for June 2024:
Analysis
What does all this mean (in layman’s terms) if you plan to make a move this year?
For Sellers:
Sellers are still able to capitalize on the meteoric rise in home equity over the last decade, most notably during and after COVID-19. It is essential, however, to hire an experienced real estate professional who understands the importance of proper property preparation and presentation, and who excels in the art of negotiation in changing market conditions.
For Buyers:
We love working with all clients, but we’re excited for our buyers! It’s been a long time since buyers have had the breadth of opportunities when it comes to selecting their new space, along with decision time on said space. When we help our buyers, we never rest…we take up a strong negotiating position, and we work to achieve a contract that truly benefits you, whether it be an interest rate “buy-down” from a seller, favorable closing cost credits, repairs and/or upgrades that normally wouldn’t have been negotiated into the contract, and more! We love being creative for our buyers, and we’re always thinking outside the box!
Making a Move This Year?
There are a number of ways a seasoned and experienced agent can negotiate on behalf of their seller clients and their buyer clients, and we are tireless when it comes to working for you. 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. If we can help guide you home, contact The Cummings Team® today!