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  • Writer's pictureJulie Nelson

Anemic Austin

As Realtors, we watch the trends very closely. It's a bit of armchair economics meets crystal ball meets reality ... or basically nerding out on the facts so we can guide our clients accordingly.

Our friends @ Texas National Title send us a weekly market watch & I wanted to share & point a couple things out.

** (In case you are reading this who knows when, this is a July 2024 post & data reference. I should make a note to run this same post a year from now & compare. Stay tuned.)

First, we have been in a sellers market in Austin for over 10 years. We peaked with the crazy anomaly otherwise known as 2022 ... that year messed up all our graphs & set an unrealistic reference point for Austin sellers. So the market has been adjusting. Which we anticipated; so here we are.

Technically, a sellers market is where there is 6+ months of inventory (if 10 homes were selling a month in a certain area & there were 60 homes on the market = 6 month inventory as it would take 6 months for them all to sell); we are actually around the 4-month inventory supply in Austin right now (July 2024) but we have been spoiled with such a strong market for years that 4 (aka balanced) feels anemic (we were <2 months inventory in 2021-22).

Any agent will tell you that the market is full of micro-markets so your neighborhood or niche may vary from the big picture. This post today is Austin market big picture.

Austin area homes are sitting. There are exceptions ... <$400k in the north suburbs are selling quickly & the homes that are sexy designer +, selling. Luxury, slow. Condos, slow. Ranches, crickets. New construction, there are deals. Every top agent I talk with has listings with low-to-no showings. Overall,

  •  days on market up 7-8%

  •  # of new listings down about 10%

  •  prices YoY somewhat holding, but down about 7% from the 2022 high

With just a couple exceptions on this graphic, it's the direction of the arrows that tell the story.

I could spew out some seller / buyer advice here but it is so individualized that I would be doing a disservice. I will, however, say these few things:

  • if you do not have to sell, wait

  • it's a solid buyers' market & you can refinance later ... it's your turn

  • most experts believe an interest rate drop will spur buyer activity (Feds meet late July & then again mid-Sept) ... & the election drama adds a layer of uncertainty

  • Austin is closing about 150 homes / week ... so there's definitely a pulse, we're just used to double that.

What questions do you have?


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