⫷ Today's Market is a Balancing Act! ⫸

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OG Update 08262022
The Oldham Group Austin | Today's Market is a Balancing Act!

The Austin residential market is most certainly transitioning…but these are hardly “normal” conditions. It’s a balancing act! Sales of existing homes are down but median sales prices are up and inventory remains tight. Here’s how I think that impacts our buyers and sellers:

SALES VOLUME DOWN

Austin saw a 35% decrease in sale volume year over year in July. The decrease largely stems from higher interest rates. Since fewer homes are selling, builders are showing restraint – regulating starts and offering more incentives. High land, labor and material cost has put pressure on builders to hold prices.

MEDIAN SALES PRICE UP

Price appreciation is decreasing…meaning prices are still going up, just not as quickly. In July prices were up 8.93%. BUYERS ARE STILL HERE! They are just being very choosing. Houses are still selling at or above list price, but not all of them…that’s the difference.

INVENTORY STILL LOW

Housing inventory reached 2.7 months in July. This is the highest it’s been since November 2018 – a balanced market is closer to 6 months. Sellers are in a very comfortable position in terms of housing wealth! However, we are recalibrating to a longer sales process.

 

INTEREST RATES 

Generally speaking the slower pace is great news for buyers. They can expect a little better terms, fewer multiple offer situations and while it depends upon the price point and neighborhood, it’s likely to be a more normal buying experience. Those conditions offset some of the interest rate changes.
We can help you find your balance…let’s talk about your real estate needs and the current market conditions. 

Buyers- You have more to choose from and more flexible terms than before, let’s use these new opportunities to get you the best possible home! 

Sellers- Most people who own a home in Austin have a ton of equity. This is your chance to take advantage of record breaking prices! 

📞 Call Courtney for a consultation. 512-809-5495
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1600 Barton Springs #6303, Austin TX 78704
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COMMONDORE PERRY ESTATE

Lutie’s, is where to revel in a convivial atmosphere surrounded by contemporary design, all overlooking our immaculate grounds. The approachable, modern, chef-driven menus emphasize fresh and locally sourced ingredients from Austin and Central Texas. MORE

 

BAT FEST 2022
CONGRESS BRIDGE
Saturday, August 27th | 4:00 – 11:30 

It’s Bat Festival time again! There is a $25 admission fee for the day, and kids under 8 are free. The general admission ticket gives you access to all stages, bats, arts and crafts booths, the statesman parking lot event, the bridge, and more. TICKETS
AUSTIN GAMBLERS PBR 
MOODY CENTER

The PBR bucks into the Moody Center in a brand new format! Jose Vitor Leme currently leads the MVP race and fronts this pack of cowboys. A two-time PBR World Champion, Leme was the first rider drafted during the PBR Team Series when the Austin Gamblers chose to build their franchise around the experienced Brazilian cowboy. TICKETS

LAFC vs. AUSTIN FC
Q2 STADIUM 
Friday, August 26, 7:00 PM
 
Austin FC will play one of the biggest matches of its 2022 regular season under the Friday night lights at Q2 Stadium. The top-of-the-table clash will see the Verde & Black take on Supporters’ Shield leaders Los Angeles FC, a team which Austin defeated in California three months ago! TICKETS
 

MORE RESOURCES

AUSTIN AREA MARKET STATS: For those who love a good spreadsheet, here are the latest Austin market stat. JULY HOUSING REPORT
 
BUYER GUIDE: It’s not easy buying in a market with rising prices and limited inventory. We can help you through the process. BUYER GUIDE

SELLER GUIDE:
 How do you make sure you get the most money for your home? From pricing to marketing, we’ll customize a plan to ensure you get the most money for your home. SELLER GUIDE
 
 
The Oldham Group Austin | Shift Happens & Real Estate Still Happens

Courtney Oldham

© Compass 2022 | All Rights Reserved by Compass | Made in NYC

The information contained herein does not purport to be complete nor, necessarily, accurate and should be independently verified; nor does it represent or constitute a legal analysis or financial advice. All of the financial projections and/or conclusions are provided for illustration purposes only. Compass and its agents disclaim any and all liability for representations and warranties, express or implied, contained in, or for omissions from, the information contained herein or any other written or oral communication transmitted or made available to the recipient. This represents an estimated sale price for this property. It is not the same as an opinion of value in an appraisal developed by a licensed appraiser under the Uniform Standards of Professional Appraisal Practice.

Courtney Oldham  |  Broker/Owner  |  512-809-5495

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