Happy Thursday!

We hope everyone had a safe and enjoyable Labor Day weekend. Football season is here, and if you were near the city this past weekend you probably saw the burnt orange crowds flooding downtown. Welcome to September, This week we take a first look at what the stats for August are showing us. On the ground, we are seeing a slight uptick in activity, over the past two weeks.

This week we have the quarterly commercial report outlining monthly rent and vacancy rates for Apartments, Office Space, Retail, and warehouse for all four major Texas Metros. We also highlight a new report from Wallet Hub showing Austin as the 8th most attractive housing market in the US, and if you are looking for fun things to do in the Austin area this month we have you covered!

Remember, real estate is hyperlocal and situational, so if you need any guidance or have questions, feel free to reach out anytime. Let's dive in!

The Cossette Team

(512) 299 5904

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This Weeks New Listings

Local Market Stats Update

As the first of the month begins we like to grab the data a few weeks before all the official numbers are released, so let's dive in. Above is the year-over-year comparison, this data is seasonally adjusted, and shows us that total sales were only down by about 4%, in both the MSA and the city of Austin, this is a big change from the spring when were down over 20%.

The median Sold price is catching up from earlier in the year too, especially in the city, the data shows only a 1.27% down from last August which is as close as we've seen to being in the positive appreciation. While the MSA is still down by almost 8%. New listings in the city are up by just over 1%. but down by 2% in the MSA. Days on the market are still about double in both the city and MSA, and as expected months of inventory is still way above last August just over 3.6 months.

Month over Month Sales increase. This data is not seasonally adjusted but it does show the trajectory. So the number of Sales from July is up by 4.7% over last month, and up by 3.25% in Austin, and the median sale price for the city is up from last month by 1.3%, but down <1% in the MSA.

Highlights (Month-Over-Month)

  • Avg Days to Sell slightly increased by 1 day in the MSA from 54 days to 55 and by 5 days in the city from 42 to 47
  • Median Sold Price increased in the city of Austin from $575K to $582K that's 1.3% jump from July and in the MSA it fell by <1% from $464K to $460K.
  • Pending Contracts fell by -7% in the MSA and by -8% in the city
  • Months of Inventory in the Metro and the city both increased by 5.5% in the MSA and 2.5% in the city both sitting just above 3.6 months
  • New listings Increased by 3.7% in the MSA and fell by 4.3% in the City
1st Look Stats August 2023

Local Area Market Activity

Community News

Q2 Texas Commercial

Texas has been a stronghold for commercial over the last half decade, employment growth on a year-over-year (YOY) basis, while slowing, continues to outpace expectations and long-term trends across industries and the big four MSAs. The eventual strength of work-from-home, hybrid-work, and corporate real estate rearrangement will remain a wild card for the midterm in all office markets.

Get the full report

Austin, the 8th most attractive U.S. housing market

When it comes to places to buy a house, Austin still remains near the top of the list. So says WalletHub's highly anticipated 2023 report on the best real estate markets in the U.S. Austin and its Central Texas neighbors have been at the top in similar reports, but the city has slid in WalletHub's 2023 report after ranking No. 4 in the 2022 edition and No. 2 in 2021.

Read More
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