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July 2024 Area Stats
For Travis, Hays, and Williamson Counties, there is a balanced market where there is a relatively equal number of buyers and sellers. However, looking at the 12-Month Change, Months of Inventory has increased by 14.55%, signaling a shift towards a buyer’s market. This increase suggests that there are more homes available for sale compared to the previous year, giving buyers more options to choose from.
The Median Days On Market is 38, which is relatively low and suggests that homes are selling quickly. List to Sold ratio is hovering around 97%, but this ratio doesn’t reflect what the Original list price was. It is only comparing what the last list price was when the home went under contract. This ratio indicates that sellers who price their homes more competitively will find buyers are willing to pay close to asking price. Median Sold prices (Travis County: $535,000, Williamson County: $430,000, Hays County: $405,000)
Overall, these metrics suggest a dynamic real estate market where homes are selling quickly if pricing is competitive. Buyers may have more options to choose from due to the higher inventory levels. Since real estate is hyper-local and dependent on specific demand for your neighborhood/immediate area, it is important for both buyers and sellers to stay informed about market conditions and work with a knowledgeable real estate professional to navigate the market effectively.
June 2024 Market Update
Greater Austin Real Estate Market Update
June 2024 Market Update
Overall Residential Market
The June market update reflects an increase in active listings, averaging over the 10,000 mark for the last 2 months. Compared to 2023, the closed prices have not seen a significant change, though May’s average sales price was slightly higher by about $1,000.
Looking at last year’s data for May, homes are sitting on the market for less time, but the number of homes sold decreased despite a rising inventory, which could indicate the average sales price really hasn’t changed all that much since we are looking at the sales numbers of less properties. To clarify, this does not mean that every home will sell close to the average price point. Sales prices depend on location and condition of the home. Since buyers do have choice, they are being more selective, which means if your home is not in the best condition, then it will not sell on the high end of the price range.
| 2023 | 2024 | |
| Average Days on Market | 64 | 57 |
| Average Sales Price | $610,407 | $611,818 |
| Number of Homes Sold | 3,171 | 2,834 |
(If you would like specific data on your county/city/neighborhood, please message me!)
Luxury Residential Market
Any data pulled from the MLS may not represent a full picture of the luxury market, since some luxury properties are privately listed. Some define luxury as anything over a million, while others think it is anything over $2 million. You can decide what luxury is for you. For my luxury market reporting, I stick with anything over $1 million at this time.
The number of homes sold in May of 2024 was around 300 homes. The average sales price for the three counties decreased from $1,688,704 (2023) to $1,636,370 (2024). We have about 9 months of inventory for the luxury market, but homes at this price point do tend to sit on the market longer. The average sale to list ratio for the luxury market for May was 82%, which means with most homes, you can still negotiate – depending on the seller’s motivation to get the home sold.
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Why study this data?
As a realtor, it is important for me to understand the market – what it’s doing, where it’s going. This knowledge helps me provide knowledgeable data for buyer and seller decisions.
For buyers, this information provides guidance on house prices in an area to help buyers understand if they are pricing their offers appropriately. Buyers also know if they are making a reasonable offer to beat out other offers in a competitive situation. However, in areas of high demand it may require a buyer to offer a higher price than what is happening in other neighborhoods.
For sellers, the data helps us price their house according to the current market to help them maximize equity but also keep the house attractive to current buyers.
Though the numbers above are a higher level view, it is an example of the kind of individualized research I do for each client in their given situation.
March 2024 Market Update
Greater Austin Real Estate Market Update
March 2024
I changed the counties I’m using for data to pull from Hays, Travis, and Williamson counties. This is instead of going wider into other counties where the data may not be as complete depending on which MLS the homes are entered.
Overall Market
Compared to February, March activity saw an increase in the number of homes sold. Homes sat on the market for less time. The 3 counties did see an increase in the number of active listings, along with the number of homes pending or under contract from previous months. Average sales price also increased, which reflects the activity of the market. Number of homes also increased from the previous month. Average interest rates for the 30 year fixed have been hovering in the high six to low seven percent range.
Looking at last year’s data for March, we are at about the same point with only slight changes in the numbers. Higher prices in March of 2024; more homes sold in March of 2023.
| 2023 | 2024 | |
| Average Days on Market | 79 | 78 |
| Average Sales Price | $576,229 | $596,591 |
| Number of Homes Sold | 2,595 | 2,249 |
(If you would like specific data on your county/city/neighborhood, please message me!)
Luxury Market
Any data pulled from the MLS may not represent a full picture of the luxury market, since some luxury properties are privately listed. Some define luxury as anything over a million, while others think it is anything over $2 million. You can decide what luxury is for you. For my luxury market reporting, I stick with anything over $1 million at this time. The number of homes sold in March of 2024 increased from 196 to 208. The average sales price for the three counties increased from $1,681,393 to $1,725,250. Cumulative days on market did increase from last year, meaning it’s taking luxury market homes longer to sell. (71 days to 102 days) Of course, this data depends on the location, condition, and price of the home.
Why study this data?
As a realtor, it is important for me to understand the market – what it’s doing, where it’s going. This knowledge helps me provide knowledgeable data for buyer and seller decisions.
For buyers, this information provides guidance on house prices in an area to help buyers understand if they are pricing their offers appropriately. Buyers also know if they are making a reasonable offer to beat out other offers in a competitive situation.
For sellers, the data helps us price their house according to the current market to help them maximize equity but also keep the house attractive to current buyers.
Though the numbers above are a higher level view, it is an example of the kind of individualized research I do for each client in their given situation.
February Market Update 2024
This picture shows the numbers from January as a comparison.
*All numbers calculated from ABOR data as of March 1; if the data changes significantly within the next few days, I will update February totals.
February Market Update
I wanted to provide a February market update and show a comparison to the January numbers. The mortgage interest rates for the 30 Yr Fixed fell to about 6.5% averages in the middle of December. This was enough of a drop to increase mortgage application activity and get more buyers into the market. We only saw that lower average around February 1, but between December and February 1 and then after, the interest rates have creeped back up to the low 7% averages for the 30 Yr Fixed.
Due to that increase in activity of homes going under contract in December and January, February numbers will be a reflection of that increased activity. Some of the homes that went under contract during that time, might still be under contract. Of course, there is always room for correction as sometimes the MLS is not updated when a home changes status, but if the numbers change significantly, I will update them when I do the March Market Update.
You will see that the average closed price has increased, and that there is less difference between the active price to sold price ratio. Months of inventory decreased, but I would also say February saw a decreasing number of homes listed as active. Average days on market has not changed, but my guess is that the spring market will bring that number down a bit. The median price point increased as well, going from $430,000 to $445,000.
The Austin market did need to make some adjustments after the high from Spring 2020 – Spring of 2022, but I believe we have normalized for the most part. The lows we saw in 2022-2023 were the low points, and we are slowly trending upward.
Buyers:
For the most part, I would say that we need to watch the average price points. They seem to be increasing, so if you are worried about paying too much, make sure you have a clear picture from your realtor what homes are selling for in your desired area. Ask them to show you the data, so you can understand just exactly what they are looking at, and then trust the information provided to you. Don’t walk away from a well-priced home that is only missing a few small things from your wish list. Simple, cosmetic updates can be made as you are living in the home. As buyers, remember that you make the home what you want it to be. Once your own furniture and decor fill a space, it will feel more like your home.
Sellers:
These trends do not mean you get to run out and place pie-in-the-sky prices on your homes. Remember that if someone is getting a mortgage to purchase your home, it has to appraise for price. If you price it too high, you run the chance of losing your buyer due to the financing not lining up, which also means your home was off the market for several weeks while all of those processes were running. This costs you more money and the buyers more money in the end. When you come back on the market, you will most likely need to do some kind of price drop and wait for a new buyer, which could take time. The longer your home sits on the market, the lower the chances of you getting your asking price. Price your homes appropriately, according to the current market you are in.
I would love to work with you and help you make a plan to sell your home. Set up a time for me to buy you coffee or tea!
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Curb Appeal is Easier than You Think!
Increasing curb appeal is easier than you think, however it has such a positive impact when trying to sell your home. Even if you aren’t selling, curb appeal maintenance keeps the home in better condition throughout your time living there. It’s quite easy for things to deteriorate if a home is not well maintained, increasing the steps you will need to take later on when you do decide to sell.
How can you achieve easy curb appeal?
Here are a few simple, budget-friendly upgrades to help enhance your curb appeal and create eye-catching charm this spring.
- REPAINT YOUR FRONT DOOR (I need to do this one right now!)
- Painting your front door can add some brightness and instantly revive the look of your entry.
- CLEAN YOUR WINDOWS INSIDE & OUT
- You would be surprised how much brighter (and cleaner) your home will look with sparkling clean windows.
- WEED FLOWER BEDS, TRIM PLANTS, & MULCH (done!)
- No matter what you’ve got growing in your front yard, make sure it’s neat and tidy, weed-free, and freshly mulched.
- POWER WASH YOUR WALKWAY & SIDING
- Rent a pressure washer from your local hardware store and clean the driveway, walkways, fences, gutters, and siding… you can even wash your patio furniture! (I need to do this, too, since my adirondack chairs are pretty dirty from the winter months)
- UPDATE PORCH LIGHTS & HOUSE NUMBERS
- Replace outdated porch lights with something new and modern, and add new house numbers.
- Clean your porch lights if they are filled with bugs like mine was.
- Go a step further and replace the door hardware as well! This is especially important if your door gets more of sunlight from the hot, Texas sun.
- REPLACE THE MAILBOX (if you still have one)
- Add a fresh coat of paint and new house numbers on the box, or replace the mailbox entirely!
- If the red flag on your mailbox is missing or isn’t working, this is an easy maintenance fix.
After creating this post, I realize I have a lot of work to do. I will do a follow up post to show that I have done these things. If you don’t see it by the end of March, feel free to hold me accountable to my own home maintenance! Comment with what you are going to do at your home to improve your curb appeal.
If you would like more information on specific things you can do to your home, send me a message
Selling Your Home in 2024
Essential Steps to Selling Your Home
Selling your home involves various complexities, from setting the right price to navigating through offers and negotiations. To make this process smoother and more successful, enlisting the help of a qualified REALTOR® is crucial. Here are key considerations to ensure a successful home-selling experience.
1. Setting a Sales Price:
Determining the right price for your home is a critical step. Asking too much may deter potential buyers, while pricing too low could mean selling your property for less than its worth. Quick online estimators do not provide accurate values.
2. Marketing Your Property:
Creating a positive impression on potential buyers is essential. Buyers often make decisions based on emotions, so it’s crucial to ensure your home feels right to them. As an experienced REALTOR®, I know what buyers are looking for in any given market. I can tell you whether the home will appear outdated to buyers, and provide tips to make it more turnkey, which will help you gain a higher price point. Some suggestions might include a thorough cleaning, decluttering, removing personal items, making cosmetic repairs, and more.
3. Considering Your Options:
When you receive offers on your property, it’s essential to carefully review all of the contract terms. I will provide valuable insights on the pros and cons of each offer, navigating the options to secure the best outcome for you. Once an offer is accepted, I will help navigate the rest of the transaction to get you to the closing table.
Following my industry expertise will help make the selling process as smooth as possible for you. I stay up to date on the market every day to stay informed, providing you with the highest level of professional advice. Many clients who trusted me throughout the entire selling process have walked away satisfied with the results, getting as much as they had hoped or more.
If you are thinking about selling your home in 2024, let’s set up a time for a complimentary consultation interview. Contact me here to set up a time.
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Agent Value: Using Agents When Selling Your Home
Agent Value:
Selling a home without a real estate agent might seem like a cost-saving move, but recent surveys suggest otherwise. Let’s discuss agent value.
A study by Clever Real Estate revealed that homeowners who went without an agent were twice as likely to regret their selling experience. Initially believing they could handle it themselves, many admitted to costly mistakes and higher stress levels after the fact.
The consequences were tangible. Those who sold without an agent often faced distrust from buyers, struggled with contracts, and even made legal errors. Financially, they earned significantly less in profits compared to agent-assisted sales.
Surprisingly, selling without an agent didn’t necessarily mean a quicker sale. These homes often lingered longer on the market.
In contrast, the majority of sellers who used agents were satisfied, despite some expressing concerns about their agents’ approach.
Data from the National Association of REALTORS® echoed these findings, showing that the vast majority of buyers and sellers still preferred working with agents.
For-sale-by-owner (FSBO) transactions consistently showed lower median sale prices compared to agent-assisted sales, reinforcing the value agents bring. Agents provide peace of mind, especially in challenging markets.
In essence, these surveys emphasize the tangible benefits of having a professional by your side when selling your home. From higher profits to smoother transactions and reduced stress, the guidance of a real estate agent appears invaluable in the selling process.
Working with Me:
My goal as a realtor is to provide the expertise you need to sell your home in any market. You can try to do it on your own, but when people have tried to venture out, they have ended up unhappy and selling for way less than they could if they had leaned on the knowledge I provide.
Shows like Selling Sunset make selling seem easy, but that is not real life. There is a lot that goes on behind the scenes, and a realtor like me is well prepared to handle the entire process.
Title: “The Real Value of Using a Real Estate Agent When Selling Your Home”Agent Valu
Summarized from here
If you would like to set up a seller consultation, click here
Let’s not forget Bastrop, Texas!
Bastrop!
Bastrop doesn’t get enough attention. I leave it out of my monthly data analysis but focusing on the 3 primary counties in the area. Poor Bastrop!
So here is a whole blog post and video dedicated to the growing town. Bastrop is located just southwest of Austin, a little over 30 miles away. Traffic is not great getting there at times because you go from a toll road/major highway to highway with stop lights. They are working to extend the toll road, but that’s also a pain in the butt if you are a daily commuter, paying money forever to someone who lives across the globe just to get to work.
It’s most important feature is Buc-ees.
I kid! I kid! But yes, they do have one.
Bastrop actually is a beautiful community with pine trees, and a great resort from Hyatt called Lost Pines. Hyatt Lost Pines is a great location for adults, or families with younger children. For teenagers, they may spend most of their time going around the lazy river and eating food, but there isn’t much for them otherwise that doesn’t come with an additional cost. The shopping is up and coming, but they have the basics to get you through, all situated along Highway 71, which the major thoroughfare most businesses are built around.
Because of its distance from Austin, it is more affordable to live there. Many builders are contributing to some of the new construction master planned communities, with more to come. Right now, there is still some country in between Austin and Bastrop, but I’m sure that will change as southeast Austin spreads because of Tesla.
If you don’t mind the commute and want to get away from the city center, check out Bastrop! If you want to look at homes in Bastrop, give me a call. I will meet you out there!
August Market Update, 2023
Tiffany here to provide you with the latest market trends and insights for August of 2023.
Please reflect on statements from July’s market update since there has not been much change, though we may see some slight activity increase due to seasonality from the early autumn market. Interest rates are averaging in the low to mid 7% range these days.
The graphic shows that Hays, Travis, and Williamson Counties combined have just under 4 months of inventory. This means that based on the current rate of sales, it would take about 4 months to sell all existing active listings, without adding any new properties. If we drill down into the single counties, those numbers can show which counties have more activity. Before Cv, everyone considered six months of inventory to be a balanced market; some may say that has adjusted slightly. You can see that Hays County is approaching a very balanced position over Williamson and Travis. You can keep drilling down to city or zip code to get even more detailed information.
August Months of Inventory by County –
- Travis Co: 4.85 months
- Hays Co: 5.04 months
- (Buda alone has about 3.7 months of inventory, whereas Kyle has 4.87)
- Williamson Co: 3.72 months
Many sellers of resale homes are not wanting to sell because they either do not have to or do not want to leave their low interest rate with their current mortgage. The three counties mentioned still do have a considerable amount of inventory overall. However, drilling down to specific areas will show you that some areas or homes are getting more activity than others. Some homes are experiencing multiple offers, while other homes sit on the market with limited to no showings. Houses that are sitting on the market are overpriced, and buyers will avoid any listings they think are not priced according to their perception of value. Plus, there is new construction happening across the Austin area, with all the latest design trends included.
New construction builders are being very competitive with their prices and incentives. If you want to remain competitive as a seller, I can discuss options with you to help you get your home sold, especially if you have new construction communities near or in your neighborhood.
Buyers, the predictions from many experts in the field is that once the economy picks back up, looking into 2025 most likely, then the problem with low inventory will rear its ugly head. Prices will increase, and this will put a lot of pressure on any buyers wanting to enter the market. You may be able to sell your home for a higher price then, but you will have to buy homes at higher prices. If you sell today, maybe the money is not as high as you had hoped after the market shifted, but you will be able to purchase a home in a less competitive environment and at a lower price than what you may see coming in the next few years.
If you can manage the payments on a purchase today and you are thinking about moving, it is best to accept the market the way it is and take action. Once prices go up, they still do not predict interest rates to decrease significantly in the long term. Some have said that mortgage applications increased when interest rates were below 6.3%, so it will not take much to see increased activity in the market. Most people do not expect to see interest rates in the 5% range anytime soon.
Having access to reliable market data is key. I am a dedicated real estate advisor, providing the expertise and guidance you need. Contact me today to discuss your specific goals, and let’s make your real estate dreams a reality.
I appreciate the referrals everyone has sent my way this year.
Things to know about these numbers:
- Counties – Travis, Williamson, Hays
- Properties – Single family homes, Townhomes, Condos
- All Price Points
New Construction – West of Austin
This new construction home is located just west of Austin. It sits on about an acre of land in a beautiful neighborhood of similar homes. The HOA fees were also low in this luxury neighborhood because there is no community pool. Most owners are putting in their own pools if they want one. This community offers great walking trails, small park and dog park, and an event venue that looks like a barn, which has hosted several different types of gatherings including weddings.
More about the floor plan
The spacious floor plans allow for a lot of natural light, which I love, even with all of the Texas heat we have had. It was especially warm when we toured this property, but with the covered porch and fans, the patio was cool and usable without feeling like one would melt if they stood outside too long. This particular new construction home would be perfect for entertaining.
You can imagine having a group of people over for football games and grilling on the back patio. A large flat screen tv can be easily viewed by all, with enough room for well-designed furniture to fill the second living space. By adding the screens to the large openings, the sliding doors would be a great asset for the moderate weather Texas enjoys most of the year. This would also allow the cooler air circulating inside while keeping pests outside (this does not include your in-laws).
All of the bedrooms were more than adequately sized, and each bedroom had ample closet space. There were enough bathrooms to prevent any potential fights over who is using the bathroom and when.
If you would like to look at new construction homes, please give me a call. I have a lot of experience of walking people through the construction process and would love to guide you through the buying process of your next home.
TIFFANY PALMER REALTOR®
512*333*2323 | info at tiffanypalmertexas.com
