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April Housing Update Across Texas

2,907 Views | 12 Replies | Last: 2 days ago by Red Pear Realty
Red Pear Felipe
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Austin-Round Rock

Central Texas Housing Market Report

Quote:

Clare Losey, Ph.D., housing economist for Unlock MLS and the Austin Board of REALTORS, provided insight into the sales growth across the MSA and what's to come regarding interest rates.

"The MSA experienced an increase in sales, indicating more opportunity in the market for all buyers. Despite the higher rate environment, the uptick in affordable inventory in the $300,000 range is allowing more first-time buyers to achieve homeownership. As we progress through the year, mortgage rates are expected to remain elevated with a slight possibility of a gradual decrease, which would result in an increase in buyers' purchasing power."



Austin Facts


  • Median sales prices increased by 1.1% YOY to $469,998 while closed sales jumped up 5.9% YOY to 2,708.
  • It's that buying/selling time of year and these numbers are high! New listings are up 26.1% YOY to 5,131 with active listings up 31.9% YOY to 10,808!
  • Months of inventory continue to creep up as the number now sits at 4.3 months of inventory which is an increase of 1.2 months YOY. What does it mean? We're moving to a more balanced market where buyers will start to get an advantage in their home purchases.
  • It also looks like sellers are getting 95.6% of their asking price which is an increase of 1.8% from last April. Don't put too much stock in this number as each neighborhood is different and I've seen properties that received over asking.
  • My clients closed yesterday on their Western Oaks property that they were selling. They saved $9,450 on listing fees. The savings don't stop there! They will be closing this Thursday on their new home in Belterra where they will earn $10,320 in a buyer's rebate for being Red Pear Realty clients for a total savings of $19,770! Seriously, when's the last time your realtor saved you that much money?!
  • I just signed a new listing agreement for a property in Circle C. This house is BEAUTIFUL and should be a quick sale. I'll be listing it next Thursday for an open that weekend.

Austin-Round Rock-Georgetown


Bastrop County


Caldwell County


City of Austin


Hays County


Travis County


Williamson County


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TokinAg
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Months of inventory climbing A LOT faster than closed sales.... I wonder how much price pressure that puts on sellers going forward.

Any other regions? (DFW specifically)
Red Pear Felipe
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It will be posted soon.
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Red Pear Luke (BCS)
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Bryan / College Station Area Statistics:

  • Home prices are down 2% for Brazos County with prices in Bryan up 0.4% year over year and up 2.2% in College Station year over year.
  • Active listings have SKYROCKETED UP with Bryan/College Station up 62% from this time last year and up a whopping 121% for College Station specifically. This means we are seeing ALOT more supply
  • Months of Inventory is almost 4 months which means we are getting closer to an market equilibrium, but I'd really argue that Buyers have leverage right now with all the supply coming on line.
  • We are currently averaging about 100 days on market - while averaging 12 listing price decreases per day on all residential listings.
  • Still seeing bidding wars on select properties - submitted an offer for a client on a nice little ranch style house on 1.5 acres around the $500K price point. We were one of five offers and lost the bid to an over asking all cash offer. The house was listed on the market for 2 days before going under contract.

Bryan/College Station Metro:







Bryan:



College Station:



Brazos County:



Let me know if anyone has any additional requests for the Brazos!
CS78
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Do you have any rental numbers for b/cs?
Red Pear Luke (BCS)
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Here you go!


Red Pear Jack
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NORTH TEXAS

  • Active listings up bigly, 45.7% YoY! The rise in listings is causing Months of Inventory to increase to 3.2 vs. 2.1 in April 2023 (still low but a significant increase). Surprisingly, even with the additional inventory Median Price still increased to 1.5% throughout the Metroplex.
  • Although the rise in listings is needed to get back to equilibrium in terms of Supply/Demand, Mortgage Rates are not helping move inventory. Even with the drop in rates, the MBA Purchase Index decreased to 141.70 points in May 10th from 144.20 points in the previous week.



  • For the most part, prices are decreasing in suburban counties. Only Dallas, Tarrant, Collin, and Denton counties are sitting below or at 3 months of inventory, helping Median Price increase, with the exception of Collin County which saw prices fall 3.9% YoY as a result of Active Listings rising 69.7%. That was the highest rate increase of the counties below.
  • Sellers in suburban counties will find themselves in pre-COVID type markets were houses will fail to sell the week they are listed and after multiple offers received.
  • However, there is still evidence of a few high in demand areas that are still seeing pretty short Days on Market situations, especially in the city core.
  • If inventory continues to rise and mortgage rates remain persistently above 7%, look for prices to continue to soften.



















Other North Texas counties available upon request.
Red Pear Jack
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"New home sales dropped 4.7% to a seasonally adjusted annual rate of 634,000 units last month, the Commerce Department's Census Bureau said on Thursday. The sales pace for March was revised lower to 665,000 units from the previously reported 693,000 units."

https://www.reuters.com/markets/us/us-new-home-sales-fall-april-prices-rise-year-ago-2024-05-23/
leighann
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I always love to see this info; thanks for posting!
The Houston market is the one I follow most closely. Prices in my neighborhood don't seem to be dropping, as I had thought they would with higher interest rates, but maybe they will once inventory increases.
MAS444
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Where's Houston? It's usually the first one up. Look forward to these too.
The Fife
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What, no San Antonio?
Red Pear Felipe
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Austin Rental Data

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Red Pear Realty
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MAS444 said:

Where's Houston? It's usually the first one up. Look forward to these too.
I took it on the chin between the tornado and finishing the house in the midst of the aftermath of the storm. Last month didn't happen but I'll get the data posted now for the record:






Sponsor Message: We Split Commissions. Full Service Agents in Austin, Bryan-College Station, Dallas-Fort Worth, Houston and San Antonio. Red Pear Realty
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