The Oldham Group brings you Austin news, exciting events, homes for sales and uniquely fun things happening around greater Austin. Feel free to contact us at anytime to be added to our distribution list.
HAPPY FALL Y’ALL
The Austin market has cooled from the feverish days of double-digit appreciation and multiple offers on every home to a more normal, fall market – our market is stabilizing. Here are the highlights from the folks at Norada based on ABOR’s Mid-Year 2022 Central Texas Housing Market Report.
🏠 The market is moving towards pre-pandemic sales activity and inventory.
⚖️ The Austin market is by no means balanced, it still favors sellers.
🤝 Buyers have more bargaining power now than at any point since before the pandemic.
💰 Homes still closed at over 100% of the list price on average in June.
📉 Residential home sales declined 20.3% year over year.
🏠 There is an influx of homes on the market.
💸 The median price rose 13%, setting a record of $537,475.
⬆️ New listings jumped 19.6% to 6,160.
📈 Housing inventory increased to 2.1 months of inventory, up 1.5 months from last June — a sign of a seller’s real estate market.
Here’s how these trends are showing up for buyers and sellers this fall:
There is no shortage of demand for Austin real estate, but buyer behavior has definitely changed. Buyers have higher expectations for value – they want homes that are priced well AND in great condition. They also need more flexibility from sellers on closing dates, repairs and other terms.
Austin inventory numbers are rising from historic lows, but they remain tight, especially in the city’s most desirable, close-in neighborhoods. These are the areas where buyer demand tends to be the strongest. Austin remains a seller’s market despite nationwide inflation and rising interest rates.
Speaking of interest rates…now at 7% rates have had an impact, slowing sales and home price appreciation. However, life events like the birth of a child, marriage or a job change – don’t always correspond conveniently with mortgage rate cycles. Lenders and sellers are getting creative offering buy-downs and other incentives to keep buyers in the market.
I often reference general Austin numbers and trends, but real estate is hyper local. These generalizations don’t always translate to what’s happening in the suburbs. In the outlying areas where there is a healthy amount of new construction, the market is different. It’s shifting much faster. Builders are getting VERY competitive and offering both discounts and incentives.
Want to know how much your home is worth or how long it would take to sell? Give me a call to discuss your specific property, timeline and plans. 📞 Call Courtney 512-809-5495.
WINE TASTING ROOM
Come listen to Austin-based artists, soprano Jasmine Williams and pianist Ben Tibbetts, at Waterloo Park! Their journey will take you from opera to musical theater to pop! This event is free, open to the public, and suitable for all ages. Chairs will be available for use, but blankets are encouraged. Complimentary beverages will be available! Register & learn more here.
DISTILLERY & SPIRITS
440 East St. Elmo Road, Ste. F ATX 78745
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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.