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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
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.
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!
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
Saturday, August 27th | 4:00 – 11:30
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
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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.