We hope you are as excited as we are about The Holidays, this is definitely a special time of the year and we wish you well. We’re looking forward to one more escape to the mountains before the New Year, but for now, we are enjoying this wonderful Fall weather at the ranch.

If you prefer the short version of this update, here it is. Read on for details from your market area.

Despite higher mortgage rates this summer and fall, insight from October MLS data shows a buyers opportunity developing. Closed transactions across the Austin-Round Rock MSA (consisting of Williamson, Travis, Hays, Caldwell and Bastrop counties) rose 4.1% year over year in October to 2,337 sales while the median price dropped 7.5% to $435,000 and inventory increased by 5.2%. The close to original list price ratio hit 93.1% in October, and is a reminder that buyers have more negotiating power than at virtually any point since March 2020.

Buyers that can afford to move now have an opportunity to see more homes and negotiate a better price. Once rates move down you can bet we’ll see more competition leading to less favorable terms for buyers. 

For sellers, the median price is still 44% higher than it was in September, 2018. Success in this market is still attainable, kespecially if you are buying another more expensive home. If prices increase in the future as rates go down, so will the price of the next one.

“The Fed’s fight against inflation is raising mortgage rates, and prices are dropping in general. Some sellers want to tap out now before pricing drops more, while buyers try to decide whether to wait for better rates and risk another market of bidding wars, or buy now and refi later. We have seen several of these cycles in our long career, and know each potential client needs good individual advice right now. Talk to us to help make the right decision on timing this market”.    

 City of Austin

• 602 – Residential homes sold, 3.5% less than October 2022
• $540,000 – Median price for residential homes, 1.8% less than October 2022
• 977 – New home listings on the market, 2.6% less than October 2022
• 2,917 – Active home listings on the market, 12.7% more than October 2022
• 564 – Pending sales, 3.3% more than October 2022
• 4.1 – Months of inventory, 1.3 months more than October 2022.
• $413,742,262 – Total dollar volume of homes sold, 4.4% less than October 2022

Travis County

• 957 – Residential homes sold, 7.7% less than October 2022
• $524,500 – Median price for residential homes, 1.2% less than October 2022
• 1,519 – New home listings on the market, 1.8% less than October 2022
• 4,798 – Active home listings on the market, 9.6% more than October 2022
• 909 – Pending sales, 0.3% less than October 2022
• 4.2 – Months of inventory, 1.2 months more than October 2022.
• $668,881,399 – Total dollar volume of homes sold, 7.2% less than October 2022

Williamson County

• 844 – Residential homes sold, 11.2% more than October 2022
• $424,990 – Median price for residential homes, 7.1% less than October 2022
• 985 – New home listings on the market, 8.5% less than October 2022
• 2,786 – Active home listings on the market, 12.6% less than October 2022
• 794 – Pending sales, 14.1% more than October 2022
• 3.2 – Months of inventory, the same amount as October 2022.
• $403,613,886 – Total dollar volume of homes sold, 4.1% more than October 2022

Hays County

• 360– Residential homes sold, 21.6% more than October 2022
• $373,294 – Median price for residential homes, 8.7% less than October 2022
• 463 – New home listings on the market, 21.5% more than October 2022
• 1,594 – Active home listings on the market, 24.7% more than October 2022
• 370 – Pending sales, 44.5% more than October 2022
• 4.4 – Months of inventory, 1.0 month more than October 2022.
• $167,405,638 – Total dollar volume of homes sold, 6.3% more than October 2022

Bastrop County

• 125 – Residential homes sold, 6.8% more than October 2022
• $349,850 – Median price for residential homes, 3.9% less than October 2022
• 168 – New home listings on the market, 2.9% less than October 2022
• 570 – Active home listings on the market, 16.1% more than October 2022
• 125 – Pending sales, 5.9% more than October 2022
• 4.7 – Months of inventory, 0.9 months more than October 2022 and the highest inventory in the MSA.
• $49,146,166 – Total dollar volume of homes sold, 1.8% less than October 2022

Caldwell County

• 51 – Residential homes sold, 45.7% more than October 2022
• $318,480 – Median price for residential homes, 0.2% more than October 2022
• 67 – New home listings on the market, 31.4% more than October 2022
• 194 – Active home listings on the market, 71.7% more than October 2022.
• 59 – Pending sales, 73.5% more than October 2022
• 4.6 – Months of inventory, 1.9 months more than October 2022.
• $16,851,436 – Total dollar volume of homes sold, 50.8% more than October 2022

Burnet County

·        60 - Closed sales, -3.2% YOY

·        $418,500 – Median price for residential homes, 3.5% YOY

·        484 – Active home listings on the market, 28.4% more than October 2022

·        7.8 – Months of inventory, 3.2 months more than October 2022

·        88 – Days on market, 17 days more than October 2022

·        36 – Days to close, 7 days less than October YOY

·        $200,000-$299,000 Price distribution (23.2%) of total sales

Please do keep in mind that these reports are extremely broad in nature, each neighborhood, city and individual home can tell a completely different story. Let us know if you are considering buying or selling. The time could be now, or it may be best to wait.

Jon & C. J.

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