Hi Michael,

Happy Thursday!

We hope you're finding some relief from the unexpected rain this past Tuesday, offering a break from the daily excessive heat warnings flashing across all of our screens.

In this week's report, we're diving into the National Association of Realtors' Remodeling Impact report, exploring homeowners' motivations for remodeling and the $$ ROI outcomes. Plus, we're excited to see the news about a new luxury RV and Tiny Home resort making its way to central Texas.

We're also delving into the National July stats and how they stack up with our local data observations. For all you local buyers and investors, if you stay to the end we've got data that shows why NOW is a fantastic time to explore the Austin market in our Bigger Pockets report.

Remember, real estate is all about location and situation. If you have any questions or need guidance, we're here to assist, and show you how to squeeze some lemonade out of the interest rate and inventory lemons this market is currently giving us!

Steve & Mike 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!

Local Community Update

A luxury RV and tiny home resort is coming to this Hill Country town outside Austin

Opportunities for Hill-Country road trips and getaways continue to grow with the addition of a new luxury RV and tiny home resort in Fredericksburg. The resort is the first of its kind for a popular vacation destination west of Austin. The FireFly Resort is located on 52 acres of land and boasts over 230 sites with gorgeous Hill Country views.

Check out FireFly

New Listings This Week

Check Our NEW Listings Here

National Market Report

RE/MAX National Housing Report for July 2023

Nationally Speaking, July marked the first month-over-month decline in home sales since April, signaling that perhaps the peak of summer buying is beginning to taper. Growth in the inventory of homes for sale inched up alongside modest increases in interest rates despite strong consumer demand.

“Two factors are driving current sales activity – inventory availability and mortgage rates, Unfortunately, both have been unfavorable to buyers.” NAR Chief Economist Lawrence Yun.

As you can see nationally we have finally reached positive appreciation and a new record-high median price. These charts are from the National Association of Realtors, you can get the full report here.

Austin MSA Compared to The National Ave

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

DFW MSA | Houston MSA | San Antonio MSA

Austin MSA July Stats

# Closed Sales: Increase <+1% year-over-year
Median Sales Price: Down -10% YOY to $462,000
New Listings: Down -23% from July 2022
Ave Days on Market: 59 days up 37 days from July of 2022
Months of Inventory: increased 1.0 months to 3.7 months of inventory YOY.

Central Texas Market Report

National Ave July Stats

# Closed Sales: Declined -14.7% from last July
Median Sales Price: Up 1.2% YOY to $425,000
New Listings: Down -26.7% from last July
Ave Days on Market: 30 days up 6 days from last year
Months of Inventory: was 1.5 down from last year's 1.6 months

RE/MAX National Market Report

The biggest trend difference between the National stats and our local data is that 1) closed sales in Austin increased from last July and nationally they decreased and the opposite with prices, Austin is still down 10% from July 2022 and the National average is up by 1.2%. Months of inventory also declined on a national level while locally we saw a full month's more inventory than last July.

New Market Activity by Area

Create Your Own Custom Search Here

Investor Reports

5 Outdoor Projects That Pay Off the Most

What pays off the most when it comes to curb appeal? Of course, every project and every market is different, but here’s the estimated cost recovery on the top outdoor remodeling projects identified in the 2023 Remodeling Impact Report. How much appeal each project is likely to have for buyers, and How much REALTORS® estimate that homeowners can recover on the cost of the projects if they sell the home.

Prices Reached Record Highs Again. Where Are They Growing the Most and... the Least?

Home prices reached record highs in July after several months of decline earlier this year. However this data shows Austin still is a market with Opportunity as we are still seeing -12% YOY price appreciation, and we know that won't last long.

CHECK OUT THE WEEKLY MARKET REPORT ARCHIVE HERE

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