🍂 Fall is Almost Here: Cooler Temps & Football Season! 🏈
Happy September, everyone! We're entering the season of cooler weather, football weekends, and some exciting updates in both the real estate market!
🏡 The real estate market continues to experience some shifts. Here’s a summary of key highlights through August 2024:
- **Total Sales**: Down **-10.3%** YoY, with 2,629 homes sold compared to 2,930 last year.
- **Pending Contracts**: Slight dip of **-2.4%**, with 2,480 homes under contract.
- **New Listings**: Dropped **-4.2%** YoY.
- **Active Listings**: Up **+13.1%** to 12,100 homes, giving buyers more choices!
- **Withdrawn/Expired Listings**: Increased **+12.5%**, showing some challenges for sellers.
📉 Pricing Trends
- The **average sold price** is down slightly by **-0.9%** YoY, now at $573,000.
- The **median sold price** fell **-5.0%** to $435,000, reflecting affordability concerns for many buyers.
- **Price per square foot**: Down **-2.9%**, showing softer pricing overall.
🏗️ Market Dynamics
- Homes are taking longer to sell! The **average days on market** is up **12.9%** to 70 days.
- **Months of inventory** has risen to 4.6 months, up **+21.1%**, meaning buyers have more power at the negotiating table. Sellers, take note – competition is heating up.
📊 Economic Indicators & the Fed’s Rate Outlook
The local economy is facing a few challenges:
- **Job postings** on Indeed.com are down, pointing to slower job growth in Austin.
- **Mortgage rates** remain high (around 6.5%), limiting affordability for many buyers. Although, rates seem to inching lower this month (September)!
There is, however, some **good news on the horizon**! The **Federal Reserve** is expected to lower rates in September 2024, with further cuts possible through 2025. This could **increase affordability** for buyers and boost activity in the market. Additionally, lower rates may lead to more hiring, especially in tech and construction – two key industries in Austin!
💡 If You’re a Buyer
2024 might be the perfect time to **make your move**! 🏡
With **increased inventory** and slower sales, buyers have **more negotiating power** right now. If you can manage today’s mortgage rates, there’s an opportunity to get a deal. Plus, keep in mind that rates could drop later this year, giving you even more reason to jump into the market while inventory is high.
💡 If You’re a Seller
The market is shifting, so **strategic pricing** is essential. 📉 With more homes on the market and properties taking longer to sell, it’s time to focus on standing out. Be prepared for **buyer concessions** and keep in mind that pricing competitively will be crucial. 🏠 Selling is still possible, but patience and flexibility are key in this changing market.
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🏆 Final Thoughts
With the Fed potentially lowering rates and Austin’s housing market evolving, it’s an exciting yet cautious time for both buyers and sellers. Whether you’re thinking about buying, selling, or just curious about your home’s value, I’m here to help!
Feel free to reach out for a personalized consultation – let's navigate this market together! 💬
📲 Stay Connected
Looking for more updates or want to chat?
Give me a call, email, or follow along on social media! Let’s keep the conversation going.
Here’s to cooler weather, fall football, and Sydney’s baby adventures! 🍁👶
#AustinRealEstate #MarketUpdate #GrandparentsLife #FallVibes #BuyOrSell #HomeSweetHome #RealEstateTips #AustinTX
**Call to Action:**
Want to know how these market shifts impact you? Reach out today to get a personalized real estate plan! 🏡👨💻
🌟 Sean Harden Realty August 2024 Newsletter 🌟
