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Hi Austin Texas, it is time for your housing market update for the week of September 12th, 2022.
Welcome to the Austin Market Report Update where we’re going to dive deep into the Housing Market – right now in Austin 60% of all homes for sale are $500,000- $1,000,000 and while we are seeing many home prices decrease, our home values are still well above last year at this time. Let’s dive into the numbers!
austin market report stats Highlights Include:
- As of Monday morning there were 9760 homes for sale in Austin Texas. 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 980 new listings that came to the market up in the week prior.
- There are 1749 home price decreases. (114 less houses had price decreases vs last week)
- There are 59 home price increases down from 133 last week which tells me Sellers are starting to understand the effects of mortgage rates and economic forecast.
- There are 218 properties that fell out of contract now back to the market that is / barely down from the previous week.
- There are 405 properties that went Under Contract.
- There are 435 Pending properties for Sale.
- When we add up the “Under Contract” and “Pending” 840 homes are currently in the process of being purchased.
- We saw 551 homes Sold which is down from the previous week (397 less).
- 215 were withdrawn which means they are no longer for sale.
- 58 homes had listings that expired (down from last week when 197 home listings 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.
- 128 Homes are now on hold. (slightly down for homes on hold vs last week)
The Housing Market Buyers Have Been Waiting For is Here!
Austin Home Buyers this is the market you’ve been waiting for: More houses to look at. There are limited Cash Buyers to compete with as institutional buyers are sitting on the sideline.
The Austin Sellers market will continue… forever. Why? The Austin population varies by age and we have hundreds of thousands of young people of home buying age… and we don’t see a change coming.
What Does This Austin Texas Housing Market Mean If You’re a Buyer?
Austin is and will remain a Sellers housing market? What does that mean? Between our Buyers and Sellers population of those who wish to purchase and sell, builders cannot build fast enough to keep up with demand, and our strong jobs market, all combine to have us in a space where we have more Buyers than Sellers. We would need 6 months of home inventory to sell for the market to shift. That said, I’m already in a position to negotiate very differently for Buyers than I was 6-12 months ago. Download my Buyer’s Guide.
If You’re Waiting on Housing Prices to Come Down In Austin Consider This
While some homes have been priced incorrectly and they are now being reduced, home prices In Austin Texas and home values are higher than they were a year ago or even two years ago.. We would need home prices to drop by 50% to be where they were only 3 years ago.
How we negotiate to get you into a home that you can live and love in – that is where experience and negotiation skills come into play.
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 Mark10k.com.
Thanks so much for tuning in, we’ll catch you next time!
PS Please comment below with your thoughts and questions about the Austin Texas housing market, the economy and what you’re experiencing.