Happy Thursday!

As we gear up for the grand finale of Austin's major events, it's time to savor that last big slice of the action-packed activity and overwhelming crowds. With ACL weekends one and two in the rearview mirror, we're now revving our engines for the F1's USGP. All signs point to this event smashing records in attendance, direct spending, and overall economic impact. Stay to the end and check out the 5 things you should watch for at F! this weekend.

In this week's report, we bring you the full spread of official September statistics, dissected by county and laid out by zip code in ABOR monthly stat reports. So, you can dive into the unique trends unfolding in your own neighborhoods. For Investors, we share one of the best ways to earn double-digit returns in Real Estate in the current economic climate.

Remember, real estate is all about locality. If you have questions about your unique area or situation, reach out to us anytime. We're here to guide you through Austin's ever-changing real estate landscape.

This Weeks New Listings

Local Market Update

Inventory Reaches Its Peak Level in Over 8 Years

In September, our sales took a 19.8% dip. Homes got a little too cozy with days on the market hitting 65 days on average, that's a 24-day increase compared to September 2022. New listings decreased by 7.0%, leaving us with only 3,644 New listings. in the MSA, active listings jumped up by 7.8%. Pending listings also joined the fun, which is great to see, with contracts written rising by 7.7%. In the end, we had 2,387 closed homes across the MSA, marking an 18.2% decrease compared to September of 2022!

The housing market in Austin is still robust, even in this uncertain climate more homes are entering the market, which is great for Move-up buyers, but not many are the best option for first-time buyers or budget-conscious investors. While our housing inventory is on the upswing, affordability is still holding us back. (Remember when we refer to affordability, that is the monthly payment a combination of price point and interest rate.) The average Austin resident still can't afford the majority of the available inventory.

Central Texas Market Report

City of Austin

  • 682 – Sold, 13.3% less than Sept 2022.
  • $536,028 – Median price, 2.5% less than Sept '22.
  • 1,116 – New listings, 11.2% less than Sept 2022.
  • 2,968 – Active listings, 14.2% more than Sept 2022.
  • 628 – Pending sales, 2.6% more than Sept 2022.
  • 4.1 – Inventory, 1.4 more than Sept 2022.

Travis County

  • 1,085 – Sold, 12.7% less than Sept '22.
  • $525,000 – Median price, 4.2% less than Sept '22.
  • 1,737 – New listings, 12.9% less than Sept '22.
  • 4,875 – Active listings, 9.4% more than Sept '22.
  • 994 – Pending sales, 0.5% more than Sept '22.
  • 4.2 – Inventory, 1.2/mo more than Sept '22.

Williamson County

  • 791 – Sold, 20.4% less than Sept '22.
  • $426,752 – Median price, 6.1% less than Sept '22.
  • 1,070 – New listings, 10.5% less than Sept '22.
  • 2,873 – Active listings, 10.6% less than Sept '22.
  • 807 – Pending sales, 9.7% more than Sept '22.
  • 3.3 – Inventory, 0.2/mo more than Sept '22.

Get the Zip Code Report

The decrease in closed sales across the board can be attributed to various factors. It's not just about the availability of affordable housing, but also the influence of a higher rate environment and a disconnect between sellers and the evolving market. For sellers holding onto past housing market trends, it's time to embrace the change, as the real estate landscape and mortgage rates continually shift.

Experienced REALTORS® truly are your most reliable guides through these dynamic changes. We don't just negotiate contracts; we offer expertise and valuable advice, making a significant difference, especially in a market that might seem intimidating. Our role extends to helping sellers enhance their homes for better resale value and educating buyers about the total cost of homeownership, including potential assistance programs. We're here to help, let us be your compass in your ever-changing real estate journey.

Hays County

  • 341 – Sold, 30.3% less than Sept '22.
  • $400,000 – Median price, 4.3% less than Sept '22.
  • 557 – New listings, 19.0% more than Sept '22.
  • 1,685 – Active listings, 37.9% more than Sept '22.
  • 356 – Pending sales, 24.5% more than Sept '22.
  • 4.7 – Inventory, 1.5/mo more than Sept '22.

Bastrop County

  • 133 – Sold, 11.9% less than Sept '22.
  • $340,000 – Median price, 10.7% less than Sept '22.
  • 199 – New listings, 6.1% less than Sept '22.
  • 610 – Active listings, 23.5% more than Sept '22.
  • 112 – Pending sales, 5.9% less than Sept '22.
  • 5.0 – Inventory, 1.2/mo more than Sept '22, and the highest inventory in the MSA.

Caldwell County

• 42 – Homes sold, 17.7% less than Aug '22.

• $299,990 – Median price, 6.9% less than Aug '22.

• 92 – New listings, 61.4% more than Aug '22.

• 180 – Active listings, 95.7% more than Aug '22.

• 45 – Pending sales, 4.7% more than Aug '22.

• 4.4 – Inventory, 2.2/mo more than Aug '22.

Get the Market Area Report

New Listing Activity

Local News & Market Insights

Five Things to Watch at the 2023 U.S. Grand Prix in Austin

From Daniel Ricciardo's return from injury, to big upgrades to the Haas F1 Team, to the F1 Academy's final race, here's everything you need to know for F1's weekend in Austin.

Read More

Preferred Equity is One of the Best Ways To Earn Double-Digit Returns in This Economic Climate

Warren Buffett made the switch to this strategy in 2008 when the economy was falling apart. If you can get access to the same assets now, you're in for a great return.

Read More

Mike & Steve Cossette 

(512) 299 5904

[email protected]

Do you know anyone who may need my services? Feel free to pass this email along so I can chat with them about their real estate needs!

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