Happy Thursday!

It's finally starting to feel like fall with some refreshing rain and a buzzing Festival atmosphere because it's that time again – ACL Festival for the next two weekends! In this week's report, we've got all the tips and information for first-time ACL attendees, as well as the latest updates for the seasoned Austinites among us.

Since it's the first Thursday of the month, we're also bringing you our first look breakdown of what the September sales statistics are revealing. For those intrigued by what the future may hold in terms of rates and curious about the upcoming moves by the Federal Reserve, we've got an excellent resource for you from the investment community at Bigger Pockets.

So savor the cooler weather, and soak in all the festivities this week. And remember, don't hesitate to reach out anytime; we're here to assist you in navigating this ever-changing real estate market! And feel free to share these reports with anyone you think might benefit!

The Cossette Team

(512) 299 5904

Askmikecoss@gmail.com

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!

This Weeks New Listings

Local Market Stats Update

As the new month begins, we like to get our hands on the data a few weeks before the official numbers are released. So, let's jump right into it. Above, you'll find the year-over-year comparison, with this data being seasonally adjusted. The key takeaway here is that prices are only down by -1.7% compared to last year in the MSA, and surprisingly, they're up by 0.3% in the city. Unlike last year, where we saw a decline in September, this year, we're witnessing an increase in prices month over month.

However, it's important to note that the number of sales this September is significantly lower than last year, with a 24% drop in the MSA and a 17% decrease in the city. It's worth mentioning that this number may decrease further as some brokerages might still have lingering sale data that hasn't been entered into the MLS yet. Additionally, new listings are also down from last year, continuing a trend we've observed as potential sellers explore alternative options for their properties due to the allure of low-interest rates.

Month over Month. This data shows more of a trajectory it is not seasonally adjusted. So Total sales in September were down 20% from last month this is pretty expected, as August typically sees a wave of last-minute buyers getting into homes before the school season, so coming off that spike September always seems to have a bit of a decline. Prices however are pretty flat less than 1% change in both MSA and the City, average prices are slightly 0.2% & 0.58% positive in the MSA and the City, and the median is slightly negative <1%.

Highlights (Month-Over-Month)

Avg Days to Sell increased by 6 days in the MSA that's 10% more than in August, 55 days to 61, and by 5 days in the city from 47 to 52.
Median Sold Price increased less than 1% in both the City and MSA
Pending Contracts fell by -13% in the MSA and by -16% in the city
Months of Inventory in the MSA and the city both increased by 7.6% in the MSA and 5.4%% in the city both sitting right about 3.9 months from 3.6 months.
New listings fell in both the City and the MSA down by 10% in the 5-county MSA and down by 6.5% in the city
Expired listings increased from last month and will likley continue to increase over the next few months
Withdrawn listings actually decreased in September which is a bit surprising by -8% in the MSA and - 5.5% in the city.

1st Look Stats 2023

Local Area Market Activity

For Buyers and Investors, this time of the year is prime hunting season. Redfin released a report this week, as they usually do, and it consistently highlights late September through early November as the ideal period for purchasing. During this timeframe, we typically experience the most favorable supply and demand balance for buyers. Sellers who currently have properties on the market often anticipate the holiday season and begin lowering their prices, coinciding with a decrease in buyer activity due to the back-to-school rush. It's worth noting that a significant number of sellers may temporarily withdraw their properties from the market around Thanksgiving, especially if they've been listed for a while and aren't in a rush to sell. They often choose to relist their properties in early spring, presenting a fresh "0 Days-on-Market" count to attract prospective buyers.

For Sellers, as we embrace the fall and approach the winter months, consider crafting your "Plan B." What's your game plan if selling your property in 2023 doesn't quite materialize? If you're currently living in your home, it's relatively simple to put your sale plans on hold during the holiday season. But if your property sits empty, racking up carrying costs, now might be the ideal time to draft a spreadsheet to detail those expenses and give you a clear picture of your expected net proceeds, whether you choose to sell now or wait until spring 2024.

If you're considering listing in October, bear in mind that it's currently taking an average of two months to secure a contract. So, pricing aggressively, an effective marketing plan, and direct-to-consumer outreach are essential. Regardless of your situation, we're here and eager to provide our assistance and expertise.

Local News & Investor Insights

Going to ACL Fest in Austin? Here's What you need to know

It's that time of year again ACL festival is back! So the Austin Statesman asked a series of questions to first time festival goers and compiled all the detailed answers from what time you should arrive, to what you can and cannot bring this year as well as a bunch of Pro tips, watering stations, and Transportation. Some great advice here!

Tracking the Fed: When Should We Expect the Next Rate Hike?

So the latest Fed meeting didn't include a rate increase, but the big question now is what's in store for the next one? Many folks including us are curious what's the current mortgage outlook, and what can we expect for interest rates moving forward? Well Bigger Pockets has some great insight and what Fed Chair Jerome Powell and Co. have indicated.

CLICK HERE FOR THE MARKET REPORT ARCHIVE

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