Call us now:
Hi Austin Texas, it is time for your housing update for the week of August 16th, 2022.
market stats Highlights Include:
- As of Monday morning there were 9416 homes for sale in Austin Texas which is our highest inventory number of the year. This is great news for Buyers if you chose not to participate in in the market conditions of the past 18 months and the market is still healthy for Sellers as we continue to see home values up well above 2021. Let’s get in the numbers and the housing market conditions because the media around the globe is having a field day creating story and boosting their ad revenues.
- There are 1105 new listings that came to the market up in the week prior (that’s 81 less homes than last week).
- There are 1705 home price decreases. (230 less houses had price decreases vs last week when there were 1935 decreases
- There are 113 home price increases up from 100 last week.
- There are 213 properties that fell out of contract now back to the market that is barely down (from 224 to 213) / basically flat from the previous week
- There are 555 properties that went Under Contract
- There are 508 Pending properties for Sale
- When we add up the “Under Contract” and “Pending” 1063 homes are currently in the process of being purchased
- We saw 692 homes Sold which is up from the previous week (197 less).
- 227 were withdrawn which means they are no longer for sale (flat from last week).
- 41 homes had listings that expired ( down from last week when 148 home listing expired). Expired means that the house was for sale for a specific period and that it did not sell. It is currently off the MLS. This tells us that Sellers and their Agents who are not following the market closely did not adjust for the market.
- 131 Homes are now on hold. (21 more homes on hold vs last week).
Is Austin Overvalued?
Meaning, are we in a position whereby our housing prices have increased so much that we are no longer affordable? We are no longer a market where people are considering relocating to? Where our prices have to come down to continue to draw people to Austin or allow those of us who live here an opportunity to afford moving into our next home?
My response to that is that I believe Austin has been undervalued for so long that we’ve just caught up and that it’s a stinger for those of us who have been used to. Austin remains a Seller’s market based on pent up Buyer demands.
Mortgage rates are in the 5.25-5.50% range. Last week we were flirting with 5%.
Some people are buying down points by placing large cash sums up front. The jist of it is that most of us want to sit on our cash for now and be liquid vs buying down a lower rate and tying up cash in our homes. Cash in the bank is always a strong position in any housing market.
Employment rates nationally VS Employment Rates Austin
What Does This Mean If You’re A Seller?
Mark, we’ve seen the fastest equity growth position for hometowns these past 3 years. Meaning that home values have increased so substantially that people have been able to
Refinance and pull out equity to buy investment properties, take trips, downsize and have strong cash positions, etc. Do you believe that inflation has put a damper on those who have yet to sell their homes?
Given the inventory numbers hovering at around 9395 homes, Sellers are finding more homes for sale in most price points. There’s no sign of a housing market crash in Austin Texas. Our market is becoming more balanced. A well priced move-in ready house will sell for more.
Sellers are selling with the knowledge that the market has stabilized and that bidding wars are not commonplace like they were 6 or even 3 months ago.
And, everyone has a reason to sell just like they have a reason to buy.
What Does This Market Mean If You’re a Buyer?
If you are buying a home in Austin Texas then you need to know that we continue to be in a hot Sellers market. Buyer’s there’s no housing market crash in Austin Texas. There aren’t enough homes for sale or being built to keep up with Buyer demands. The good news Mr and Mrs Buyer is that we’re seeing an increase in inventory and some flexibility on contract terms.
We never know when a market has peaked in home prices. We never know when a market has bottomed out. Translation: you cannot time the market. If you’re planning on living in your home for the next 5-10 years consider that. You’re looking for a home that meets your needs and it’s a long game, this game of life. Winning is sleeping in your own home.
What does this market mean if you’r a Renter
Paying 100% someone else’s house is a loss on so many fronts. No equity. Runaway rents have leveled but they’re still high!
Waiting on Housing Prices to Come Down?
Only houses that have been over-priced are coming down now. We don’t have the bidding wars. Price it right. It will sell and not linger on the market.
Whether You’re a Buyer or Seller Your Most Valuable Asset is a great Real Estate Agent. They’re the one who will negotiate great terms for YOU. Remember, Listing Agent represent the Seller. And, they cannot represent you if you’re thinking about going direct..
Let us end with this about the Austin Texas housing market. There are opportunities for buying and selling in every market.
I’m here to serve and answer questions you may have. You can wait. We have pent up Buyer demand that is not going away. Next week we’ll have another Austin housing market update for you.
We’d love to hear your thoughts on this Austin Texas housing market, the economy and what you’re experiencing as you consider where you are living, loving, working and playing in Austin Texas.
I’m Jennifer S. Goodman Living in Austin Texas. And, whether you’re thinking about moving in 7 days, 7 weeks or 7 months, I’d love the opportunity to help you make your next best move.
Mark Karetskiy is a Mortgage Lender at Movement Mortgage. You can find him at (469) 202-4195.
Want to talk about real estate? Please feel free to call or text at 512.548.4568