Happy Thursday!!

A little bit cold, mixed with a lot of water, and boom, you have our spring weather cocktail for late January. This Week started out wet and is ending up quite nice as we head into the weekend! Similar to the Market activity the sun is finally starting to shine. Let's all hope February holds firm on both!

This week we look at the National Market as it compares to what we are experiencing locally, highlighting Elon's plans for a STEM school and University here in Austin, A new interest-free loan option for investors and the positive news from the Mortgage Bankers Association. We hope you Enjoy!!

And don't forget to Pay your Property Taxes! Due on the 31st

The Cossette Team

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Local & Community Update

Elon Musk to build STEM-based school and university in Austin

If you have'nt already heard.. Elon is looking to further expand his empire in Austin with plans to build a school and a university Musk says the STEM school is for students "with proven academic and scientific potential, who will thrive in a rigorous, project-based curriculum."

Austin housing market collected $17.5 in 2023 despite Huge Sales Drop

We already know Austin's real estate market is still trying to balance itself out after a full year of cooling prices. But even the 2023 dip, we still saw accounting for nearly $17.5 billion in sales activity in 2023, Compared to 5 years ago, there have been massive gains in total sales-to-dollar volume (30.5%), active listings (21.9%, and inventory (38.4%).

New Listings This Week

SEE OUR LISTINGS

National Market Report

This video covers what's going on with real estate right now.

RE/MAX National Housing Report for Dec 2023

Despite the slowdown in 2023, there's a fresh momentum brewing in the Southern markets of the country. The Austin Metro market faced its challenges last year, with median prices and transactions dipping nearly 10%. Due to higher interest rates. The positive twist: With mortgage rates easing towards the end of 2023, agents and homebuyers are stepping into 2024 with renewed optimism. If the buyer pool stays robust, our upcoming spring market might just be as thrilling as you can sense the excitement building!

In December across the country, NAR SentriLock Home Showings Report report outlines two of the four regions that saw an increase in showings on a year-over-year basis in December: South(12%) & Midwest (5%). Which is what we're seeing here in Austin.

>>> See the Full NAR Showings Report Here <<<

>>> Austin MSA 5yr Trend Graphs <<<

DFW MSA| Houston MSA | San Antonio MSA

Austin MSA Compared to The National Ave

Austin MSA Dec Stats

# Closed Sales: Down 8.9% from December 2022,
Median Sales Price:$443,743 Down 1.4% from Dec 2022
New Listings: up by 8.4% from last December
Ave Days on Market: 84 days up 9 days from Dec 2022
Months of Inventory: increased .4 months to 3 months of inventory YOY.

Central Texas Market Report

National Ave Dec Stats

# Closed Sales: Down 7.3% from to December 2022
Median Sale Price:$400,000 up 3.9% from Dec 2022
New Listings: up 2.7% compared to Dec 2022
Ave Days on Market: 47 days same as last year
Months of Inventory: in December was 2.5, no change from Dec 2022

RE/MAX National Market Report

New Market Activity by Area

Winter Buyer's Guide

Winter Seller's Guide

Mortgage and Investor Insights

Mortgage application activity is off to strong start in 2024

Home buying demand propelled overall volumes to a third straight weekly gain, "Mortgage rates increased slightly last week, but there continues to be an upward trend in purchase activity, as buyers move to act early this season,”- Joel Kan, MBA’s Vice President and Deputy Chief Economist.

A New Interest-Free Financing Program for Investors Is Coming Online: Is It Right for You?

The program allows you to receive a partial down payment loan with no interest. Miami based financial tech startup, has a way for investors to tap their existing property equity to buy new properties—no refinancing required. Here’s how it works.