January data signals optimism in 2024 for Austin area



C.J. and I hope you had a nice Valentine’s day, especially if you ventured out for dinner. Having previous experience partnering in a restaurant decades ago, I learned Mother’s Day and Valentine’s Day are the busiest and hardest to deliver a great dining experience. That’s why they create limited menus and jack up the prices.

But, on to the real show. Spring has almost Sprung and we can’t wait! The native Plum and Red Bud trees at the ranch are filled with flower buds, and they’ll blossom any day now, officially announcing Spring in my book. That and the beginning of the White Bass run towards the end of the month.

As real estate goes, we have been getting busier, completing two home sales and contracting a lot purchase this month. Last month’s Central Texas Housing Market Report shows an increase in residential homes sold as well, up 4.3% to 1,667 closed sales, and an uptick in pending sales, which rose 3.8% to 2,480 listings. The data demonstrates that more options are available for potential homebuyers and sellers are feeling optimistic moving into 2024.

January marks the fifteenth consecutive month of year-over-year median sales price declines in the Austin-Round Rock housing market, and mortgage rates began decreasing in November and December in reaction to easing inflationary pressures.

C.J. and I have worked in the real estate industry for well over 30 years each, and we have weathered some storms, and witnessed the thaw. We believe our current market is filled with pent up demand from buyers and sellers who will enter the market when the mortgage rate and lower prices reach a sweet spot of affordability. Just like the signs of Spring, we’re beginning to see the signs of an improving market, leading to a much needed thaw.

Austin Round-Rock MSA

• 1,667 – Residential homes sold, 4.3% more than January 2023.
• $430,000 – Median price for residential homes, 4.4% less than January 2023.
• 3,064– New home listings on the market, 5.1% more than January 2023.
• 7,976– Active home listings on the market, 3.6% less than January 2023.
• 2,480 – Pending sales, 3.8% more than January 2023.
• 3.2 – Months of inventory, 0.2 months more than January 2023.
• $892,581,695– Total dollar volume of homes sold, 0.1% less than January 2023.

City of Austin

• 520 – Residential homes sold, 0.6% less than January 2023.
• $534,500 – Median price for residential homes, 2.8% less than January 2023.
• 979 – New home listings on the market, 4.8% less than January 2023.
• 2,691 – Active home listings on the market, 7.7% more than January 2023.
• 788 – Pending sales, 0.6% more than January 2023.
• 3.2 – Months of inventory, 0.7 months more than January 2023.
• $348,321,203– Total dollar volume of homes sold, 7.3% less than January 2023.

Travis County

• 712 – Residential homes sold, 4.9% less than January 2023.
• $478,500– Median price for residential homes, 3.3% less than January 2023.
• 1,398– New home listings on the market, 1.1% less than January 2023.
• 3,819 – Active home listings on the market, 4.3% more than January 2023.
• 1,043 – Pending sales, 4.0% less than January 2023.
• 3.4 – Months of inventory, 0.6 months more than January 2023.
• $447,677,093 – Total dollar volume of homes sold, 7.8% less than January 2023.

Williamson County

• 607 – Residential homes sold, 9.6% more than January 2023.
• $429,000 – Median price for residential homes, 2.5% less than January 2023.
• 992 – New home listings on the market, 9.5% more than January 2023.
• 2,307 – Active home listings on the market, 16.8% less than January 2023.
• 897 – Pending sales, 4.5% more than January 2023.
• 2.6 – Months of inventory, 0.3 months less than January 2023.
• $287,126,634 – Total dollar volume of homes sold, 6.7% more than January 2023.

Hays County

• 251 – Residential homes sold, 4.6% more than January 2023.
• $366,140 – Median price for residential homes, 11.8% less than January 2023.
• 450 – New home listings on the market, 8.4% more than January 2023.
• 1,281 – Active home listings on the market, 0.4% less than January 2023.
• 383 – Pending sales, 10.7% more than January 2023.
• 3.7 – Months of inventory, 0.1 months more than January 2023.
• $117,387,841– Total dollar volume of homes sold, 0.6% more than January 2023.

Bastrop County

• 81 – Residential homes sold, 58.8% more than January 2023.
• $366,018 – Median price for residential homes, 4.6% more than January 2023.
• 183 – New home listings on the market, 33.6% more than January 2023.
• 454 – Active home listings on the market, 3.8% less than January 2023.
• 118 – Pending sales, 45.7% more than January 2023.
• 4.5 – Months of inventory, 0.2 months less than January 2023 and the highest inventory in the MSA.
• $32,822,238– Total dollar volume of homes sold, 60.8% more than January 2023.

Caldwell County

• 16 – Residential homes sold, 220.0% more than January 2023.
• $303,990– Median price for residential homes, 9.3% less than January 2023.
• 41 – New home listings on the market, 6.8% less than January 2023.
• 115 – Active home listings on the market, 36.9% more than January 2023.
• 39 – Pending sales, 105.3% more than January 2023.
• 3.7 – Months of inventory, 0.2 months more than January 2023.
• $7,567,890– Total dollar volume of homes sold, 363.3% more than January 2023.

Burnet County

• 45 – Residential homes sold, 18.4% more than January 2023
• $350,000 – Median price for residential homes, 13.6% less YOY
• 453 – Active home listings on the market, 36.5% more than January 2023
• 7.1 – Months of Inventory, 2.5 months more than January 2023
• 93 – Days on Market, 18 days more than January 2023
• 1,811 – Median home size, 2004 Median home year built, 90.4% close / original list price

Pictures of Happy Home Owners Jeff and Jan after their purchase of their new Home in Georgetown. Jon & C. J. in front of the new one.

Please remember if you have any questions about purchasing or selling real estate either now or in the future, call us to discuss your plans and we can help you with your plan.

Jon & C. J. Pfau

Just Sold 209 VP Ranch Dr., Georgetown, TX 78628 - www.209VPRanch.Info - Classic Texas Hill Country home nestled onto the perfect hillside property offering elegant living, serenity and privacy. Situated on a heavily forested 4.305 acre lot with long views and natural breezes.

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