Pfau & Company Real Estate Market Update - November 2024 | |
Our business is churning along and we project wrapping up a banner year for our company, even though the market is slower. You can not imagine how proud we are to have served our clients for over 35 years now! The relationships we have built have become our motivating force, making work fun.
Higher mortgage rates and affordability will continue to be the driver of real estate sales through the remainder of the year.
The odds of a rate cut at the next meeting of the Federal Reserve continue to deteriorate as economic data continues to highlight a growing economy and stubborn inflationary pressures. Existing Home Sales managed to move upward slightly more than expected, and weekly jobless claims continue to highlight a labor market that remains robust.
Consumer Confidence is expected to march upward, which will likely help push rates in the same direction.
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Early September of this year we escaped to our favorite tropical paradise, St. John U.S.V.I. This was our sixth visit to the island. Because technology lets us handle business virtually and we have agents that can show our listings, we rent a villa to enjoy great views when work calls.
We accidentally found the island after visiting St. Thomas and following the advice of a restaurant server that recommended we take our rented Jeep to the car ferry on a short 20 minute hop to a quieter place. As soon as we hit Cruz Bay and rode out to some of the North Shore beaches we knew we had found our paradise.
Because the 5,500 acre Virgin Islands National Park is a preserve managed by the U.S. National Park Service, you are dealing with quality management and feel as safe and protected as visiting a U.S. National Park at home. The park takes up two thirds of the island, and the rest is home to a wonderful Caribbean island culture connected to the small but bustling Cruz Bay and Coral Bay on the other end. The park has more than three dozen hiking trails crisscrossing the island and dozens of sometimes crowd-free, white-sand beaches and azure blue waters for snorkeling and swimming. This is a place everyone should visit at least once. Hope you enjoy the pics.
"Scroll down to see a detailed market report for your area"
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Central Texas housing inventory grows, offering buyers more choices
In October, active listings across the Austin-Round Rock-San Marcos MSA increased 9.3% to 11,599 listings bringing the total months of inventory for the region to 5.1 months of inventory, up 0.5 months more compared to October 2023, according to MLS data. The data coupled with the average close-to-list price ratio hovering at 92.7% indicates that buyers have more options to purchase a home they can afford in a high interest-rate environment while sellers still have some room to negotiate.
Per Zillow, the current average 30-year fixed mortgage rate in Texas decreased 3 basis points from 6.36% to 6.33%. Texas mortgage rates today are 1 basis point lower than the national average rate of 6.34%.
The Texas mortgage interest rate on November 29, 2024 is down 29 basis points from last week's average Texas rate of 6.62%.
Additionally, the current average 15-year fixed mortgage rate in Texas increased 1 basis point from 5.71% to 5.72% and the current average 5-year ARM mortgage rate is down 2 basis points from 6.62% to 6.60%.
In all of our decades in real estate sales, we have never seen such complex buy / sell / or wait scenarios, but can assure you of a thorough analysis and honest answer when you contact us.
Enjoy the following general market statistics for your area, but do keep in mind every home has a unique market value dependent on specific property, price point and location attributes.
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Austin-Round Rock-San Marcos MSA
- 2,248 – Residential homes sold, 1.5% less than October 2023.
- $430,000 – Median price for residential homes, 3.2% less than October 2023.
- 3,333 – New home listings on the market, 7.4% more than October 2023.
- 11,599 – Active home listings on the market, 9.3% more than October 2023.
- 2,344 – Pending sales, 13.0% more than October 2023.
- 5.1 – Months of inventory, 0.5 months more than October 2023.
- $1,270,475,501 – Total dollar volume of homes sold, 1.0% less than October 2023.
- 92.7% – Average close to list price, compared to 93.3% in October 2023.
City of Austin
- 716 – Residential homes sold, 0.8% less than October 2023.
- $565,000 – Median price for residential homes, 0.5% less than October 2023.
- 1,170 – New home listings on the market, 1.7% more than October 2023.
- 4,249 – Active home listings on the market, 10.4% more than October 2023.
- 764 – Pending sales, 22.0% more than October 2023.
- 5.9 – Months of inventory, 0.6 months more than October 2023.
- $553,060,088 – Total dollar volume of homes sold, 1.8% more than October 2023.
- 91.4% – Average close to list price, compared to 92.1% in October 2023.
Travis County
- 979 – Residential homes sold, 2.5% more than October 2023.
- $510,000 – Median price for residential homes, flat to October 2023.
- 1,579 – New home listings on the market, 4.5% more than October 2023.
- 5,702 – Active home listings on the market, 9.4% more than October 2023.
- 1,006 – Pending sales, 16.8% more than October 2023.
- 5.8 – Months of inventory, 0.4 months more than October 2023.
- $691,527,907 – Total dollar volume of homes sold, 4.7% more than October 2023.
- 91.8% – Average close to list price, compared to 92.6% in October 2023.
Williamson County
- 807 – Residential homes sold, 3.1% less than October 2023.
- $420,000 – Median price for residential homes, 2.3% less than October 2023.
- 1,028 – New home listings on the market, 7.1% more than October 2023.
- 3,369 – Active home listings on the market, 9.2% more than October 2023.
- 835 – Pending sales, 11.3% more than October 2023.
- 4.2 – Months of inventory, 0.5 months more than October 2023.
- $384,263,366 – Total dollar volume of homes sold, 4.2% less than October 2023.
- 93.4% – Average close to list price, compared to 93.8% in October 2023.
Hays County
- 315 – Residential homes sold, 7.8% less than October 2023.
- $359,000 – Median price for residential homes, 5.5% less than October 2023.
- 534 – New home listings on the market, 20.8% more than October 2023.
- 1,740 – Active home listings on the market, 6.6% more than October 2023.
- 354 – Pending sales, 11.3% more than October 2023.
- 5.4 – Months of inventory, 0.7 months more than October 2023.
- $140,077,628 – Total dollar volume of homes sold, 11.6% less than October 2023.
- 93.2% – Average close to list price, compared to 93.0% in October 2023.
Bastrop County
- 114 – Residential homes sold, 4.4% more than October 2023.
- $355,000 – Median price for residential homes, 1.1% less than October 2023.
- 152 – New home listings on the market, 1.3% less than October 2023.
- 654 – Active home listings on the market, 23.2% more than October 2023.
- 119 – Pending sales, 8.2% more than October 2023.
- 5.7 – Months of inventory, 0.8 months more than October 2023.
- $44,790,742 – Total dollar volume of homes sold, 1.5% more than October 2023.
- 92.6% – Average close to list price, compared to 93.5% in October 2023.
Caldwell County
- 33 – Residential homes sold, 13.8% less than October 2023.
- $262,990 – Median price for residential homes, 13.5% less than October 2023.
- 40 – New home listings on the market, 14.3% more than October 2023.
- 136 – Active home listings on the market, 9.9% less than October 2023.
- 30 – Pending sales, 16.7% less than October 2023.
- 4.1 – Months of inventory, 0.3 months more than October 2023.
- $9,815,857 – Total dollar volume of homes sold, 20.2% less than October 2023.
- 94.1% – Average close to list price, compared to 97.6% in October 2023.
Burnet County
- Closed Sales - 86, up 43.3% from October 2023
- Median Sales Price - $369,995 - down 11.6% YOY
- Ratio to Original List Price - 91.4% -0.8% YOY
- Days on Market - 80 - down 8.1% YOY
- New Listings - 144 - down 1.4% October 2023
- Under Contract - 87 - up 24.3% YOY
- Active Listings - 661 - way up by 48.2% YOY
- Months of Inventory - 9.5- up 23.3% YOY
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We have been in the real estate business for over 35 years each, and still honored every time we receive a personal referral, or a testimonial like this one.
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"CJ and Jon Pfau have been my realtors since 2011. They have helped me buy 3 homes and helped me sell 2 of them. They are a tremendous team. I am very satisfied with their real estate knowledge, market knowledge, their attention to details and their can do attitudes. I would not even begin to think about using any other realtors."
Richard Dismukes
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Nicely Remodeled Home in Villages of Berry Creek |
Hurry this one won't last long! The layout is spacious and the home is stunning inside and out. The covered back porch provides the perfect outdoor living space to include a hot tub that conveys. Extra backyard privacy is created by the retention pond behind the property, and the breeze and trees keep it cool. The level of landscaping is extraordinary and helps deliver that extra sizzle that really makes this home stand out. Some features include 3 sides rock exterior, privacy fence, recent shingles and foundation repair with lifetime warranty, new HVAC in January 2022 with REMI Halo air filter, convenient office area in master bedroom, stained concrete driveway, fresh interior paint, irrigation system, wood burning fireplace, and epoxy sealed garage floor. The community pool is literally a few houses down the street and the neighborhood is quiet, but close to all things great in Georgetown.
View the tour at www.7614BuckMeadow.Info. Listed at $379,900
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The Perfect Place to Build Your Lake House On Lake LBJ.
Recently Listed for Sale - Lot 3-940 Euel Moore, Kingsland, Texas 78639 -- This is a rare waterfront lot in Kingsland on gorgeous LBJ, a constant level lake. Kingsland has an HEB, many restaurants and is where the Llano and Colorado Rivers converge, providing spectacular natural scenery as well as big water all the way down to Horseshoe Bay and Wirtz Dam. Head up the Llano towards The Slab for sandy beaches and granite rock outcroppings, explore the Colorado and its' summer camp vibe or find a cove or join the party at a sand island. Dock for food and beverages at Wakepoint LBJ or Boat Town Burger Bar from your future lake house. Big features include 4 completed boat slips with 4 locking storage units and power, creating the perfect place, architectural designs and building plans for a 2400 sq. ft. home. HOA fees are for driveway and channel maintenance. The canal was recently dredged and the is approximately 100 yards to open water. Not Builder Restricted.
View the tour at www.Lot3-940EuelMoore.Info Listed at $399,000
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New Listing In Heritage at Vizcaya - 55 + Community with Incredible Amenities | |
Welcome to Heritage at Vizcaya, a luxurious 55 and better active adult community. Built by Taylor Morrison, the Sedgwick plan offers a design that is extremely live-able. The fine finish out, gorgeous landscaping and extra large lot elevate the total package.
This home includes 2 bedrooms and two bathrooms, including bay windows, dual vanities and a massive walk in closet in the spectacular owner's suite. The study is situated off the main entry and could be a great hobby room or third bedroom. The enticing kitchen with center island seating is the social hub, open to the living room and providing a great view of the back yard. Additional features include an extended patio with retractable screens, full brick exterior, sprinkler system, water softener and upgraded mahogany front door.
Scenic trails run through the community and Heritage at Vizcaya has a private clubhouse with an array of amenities to include a heated pool, fitness center, spa, tennis, bocce and pickle ball courts, plus community events for a fulfilling lifestyle
View the tour at www.5056Lunata.Info Listed at $459,000
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10.29 Acre Ranch with Stunning Home & Casita!
This is a spectacular "once in a lifetime" property featuring a stunning Modern Ranch Style main house with pool, a quality built metal building for toys and a separate Casita for family & guests.
The highly finished and custom main home features 3 bedrooms and 3 baths, approximately 2968 square feet of living space, metal roof, stone and stucco exterior, extensive interior tile work, quartz and wood countertops, upscale range, appliances and vent hood, wood look tile and marble flooring, and surround sound system. The outdoor kitchen and cooking area is perfect for entertaining by the pool, and the remarkable window placement captures picturesque views of the property while the floor plan flows perfectly.
The Casita has two bedrooms and one bath, comparably designed and finished and has approximately 959 square feet. It has a high end finish to include eye pleasing stained concrete floors and a great flow with views of its own. The exterior is stone and stucco, topped with a metal roof. Other features include a rainwater collection system at each home distributing to a 30,000 gallon holding tank. There is a metal building with blown foam insulation, two 14' overhead doors, two walk doors and lots of space for storage and playing around. All nestled onto a heavily treed and park like 10.29 acre piece of Texas hill Country.
View the tour at www.1160Lightning.Info Listed at $2,389,000
SOLD!
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Outdoor enthusiasts, this is your West Texas Base Camp!
Located along the historic Texas Mountains Trail in Limpia Crossing, this 10 acre mountain side property offers mile high views. Native trees and flora, wildlife, and star gazing opportunities abound under the dark skies. Protection under the International Dark Sky Reserve ensures you'll have a stellar night sky view, and wild auodad and mule deer have paved rough trails up the mountain for you. Davis Mountains State Park is just five miles away, with great hiking and biking trails. A ten minute drive into historic Fort Davis is where you will find a well stocked grocery story, specialty market, gas and restaurants. Marfa and Alpine are both less than 30 minutes away, and more great hikes are nearby at the Chihuahuan Desert Center and the Davis Mountains Preserve. Visit neighboring McDonald Observatory for more advanced views of the universe, swim the cool spring fed waters at Balmorhea State Park, or use this as your base camp for the Big Bend area less then 2 hours away. The road and building site were improved in 2023. There is power access at the road, an yes, StarLink works here for internet service (even if the map shows it doesn't). Limpia Crossing Property Owners Association has reasonable restrictions that ensure minimal night time lighting and regular community road maintenance. Listed at $105,000.
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A Special House in Bertram Now Available!
This is a charming country dollhouse located on Hwy. 29. You'll enjoy the large and peaceful covered side porch to unwind and hangout, or the quaint front porch for reading and watching the world go by. The setting is a perfect half acre lot with the most glorious massive native oak Trees enveloping the property. Inside is an eclectic masterpiece, updated throughout, to include flooring stainless steel appliances, quartz countertops, custom cabinetry and designer effects. The floorplan is open between the kitchen and living space, with a separate office and utility room, the bedrooms are surprisingly spacious and separated by a hall bath. The home's exterior has Hardi-plank siding and a metal roof, and towards the back is a cool retro style barn/workshop with plenty of electrical outlets and a nice garden area with full sun exposure. This property is zone restricted commercial; meaning you could live in the house and run your business here, or use the house for a small business! Verify your !with the city. Bertram is a happening place, providing a small town atmosphere with an up and coming vibe. Take advantage while values are still reasonable.
View the tour at www.1540Hwy29.Info Listed at $285,000
PENDING SALE!
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Please remember if you have any questions about purchasing or selling real estate either now or in the future, call us to discuss your plans and we can help you with your plan.
Jon & C. J. Pfau
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If anyone you know might need help with buying or selling or just want to get monthly information for real estate, our link to our newsletter is below. Send it to friends and family. We won't bother anyone but we will give them monthly updates on the market for their own knowledge.
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Our Business is delivering Exceptional Realty Service -
far exceeding expectations,
grateful to give our best.
Jon: 512-635-0232
C.J.: 512-415-0583
Email: Pfaucorealtors@aol.com
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