Austin Real Estate Market Update: Understanding Current Trends August 10, 2024 : The Austin real estate market has experienced notable fluctuations over the years, with the most recent data offering valuable insights into its current state. One of the most critical metrics used to evaluate market conditions is the <a href="https://teamprice.com/market-update">Months of Inventory (MOI)</a>, a measure that indicates how long it would take to sell all the homes currently on the market if no new listings were added. The MOI is calculated by taking the average number of units sold monthly over the past year and dividing the current number of active listings by that figure. This calculation provides a snapshot of the market's current supply and demand balance. According to the latest data, the <a href="https://teamprice.com/market-update">Austin-area MOI</a> as of August 2024 stands at 5.3 months. This figure places the market squarely in the "neutral" category, which is defined by an inventory level between 5 and 6.9 months. A neutral market suggests that there is a relatively balanced number of buyers and sellers, with neither group holding a distinct advantage. Historically, the <a href="https://teamprice.com/market-update" class="on">Austin MOI</a> has seen significant variations. For example, in July 2010, the MOI peaked at 8.6 months, indicating a strong buyer's market at the time. In contrast, more recent years have witnessed much lower MOI levels, reflecting tighter market conditions. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240810011723.png" alt="austin-months-of-inventory-2024-update" data-rotate="" data-proportion="true" data-rotatex="" data-rotatey="" data-align="center" width="" height="" data-size="," data-percentage="auto,auto" data-index="0" data-file-name="austin-months-of-inventory-2024-update.png" data-file-size="218707" data-origin="," style=""></figure></div> It's important to note that the MOI is considered a lagging indicator, as it reflects the inventory based on the historical absorption of properties. This means it provides insight into past market conditions rather than predicting future trends. To get a fuller picture of the market, it is also essential to consider leading indicators like the "<a href="https://teamprice.com/new-listing-to-pending-ratio">New Listing to Pending Ratio</a>" and the <a href="https://teamprice.com/activity-index-city">Activity Index for cities</a> and the <a href="https://teamprice.com/activity-index-zip-code">Activity Index for zip codes</a>.&nbsp;<a href="https://teamprice.com/new-listing-to-pending-ratio">New Listing to Pending Ratio</a> is (AUC + PB) / (New + BOM). AUC stands for "Active Under Contract," PB stands for "Pending, Taking Backups," New stands for "New Listings," and BOM stands for "Back On Market." A ratio less than one indicates an increase in inventory and a ratio of more than one will indicate a decrease in inventory.&nbsp;​The chart below will show you both the activity index and months of inventory for all 75 zip codes in the Austin-Area. We update this chart daily and you can access an updated version by going to our <a href="https://teamprice.com/active-residential-listings" style="font-size: 18px;">Austin-Area Active Residential Listings</a> resource. The Activity Index is calculated by dividing the number of pending properties by the total number of active and pending properties (Pending / Active + Pending). This ratio shows the current level of market absorption and, when analyzed alongside the MOI, provides a powerful way to understand both leading and lagging market indicators. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240810012018.png" alt="austin-zip-code-activity-index-months-of-inventory-2024" data-rotate="" data-proportion="true" data-rotatex="" data-rotatey="" data-align="center" width="" height="" data-size="," data-percentage="auto,auto" data-index="2" data-file-name="austin-zip-code-activity-index-months-of-inventory-2024.png" data-file-size="168979" data-origin="," style=""></figure></div> This neutral stance in the market is further supported by the <a href="https://teamprice.com/active-residential-listings">number of active residential listings</a>. As of the latest update in August 2024, there are 15,690 active residential listings in the Austin area. This inventory provides a comprehensive view of the available housing supply, a critical factor influencing both pricing and market dynamics. A higher number of listings typically gives buyers more options and can lead to longer times on the market for sellers, which is consistent with the current neutral MOI. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240810011828.png" alt="active-listings-austin-august-2024" data-rotate="" data-proportion="true" data-rotatex="" data-rotatey="" data-align="center" width="" height="" data-size="," data-percentage="auto,auto" data-index="1" data-file-name="active-listings-austin-august-2024.png" data-file-size="269108" data-origin="," style=""></figure></div> To understand the implications of these figures, it is essential to look at the historical trends. The <a href="https://teamprice.com/insight-and-statistics">Austin real estate market</a> has transitioned through various phases over the past two decades. In the years following the 2008 financial crisis, the MOI reached its highest levels, signifying a period when buyers had a strong upper hand due to the abundance of available properties. As the market recovered, the MOI gradually declined, moving through a seller's market phase, where homes were in high demand and inventory was scarce. The current neutral market indicates a period of stability, where supply and demand are more evenly matched. The data-driven insights provided by the MOI and active listings offer a detailed snapshot of the current Austin real estate market. Understanding these metrics, along with leading indicators like the <a href="https://teamprice.com/new-listing-to-pending-ratio">New Listing to Pending Ratio</a> and the Activity Index, is crucial for both buyers and sellers as they navigate the complexities of real estate transactions. For sellers, knowing that the market is neutral might influence their pricing strategies and expectations regarding how long their home will stay on the market. For buyers, the current MOI suggests that while there are options available, they should be prepared for a market that does not overwhelmingly favor them. As the <a href="https://teamprice.com/insight-and-statistics">Austin real estate market</a> continues to evolve, keeping a close eye on these indicators will be essential for making informed decisions. Whether you are buying or selling, understanding the dynamics of the market can help you navigate the process more effectively and with greater confidence.

August 10, 2024 : Explore the latest trends in the Austin real estate market with our August 2024 update. Learn about current inventory levels, Months of Inventory (MOI), and how leading indicators like the Activity Index and New Listing to Pending Ratio provide a comprehensive market analysis. Stay informed with our detailed market insights.

Austin Real Estate Market Trends: August 2024 Inventory Update and Analysis

The Austin-area real estate market has been experiencing notable changes over the past two years. Understanding these shifts is crucial for homeowners, buyers, and investors. In this article, we analyze the latest data and trends to provide a clear picture of the current market conditions and what they might mean for the future. From May 2022 to July 2024, the average sold price in the Austin area dropped from $681,939 to $573,996, a decline of approximately 15.83%. Similarly, the <a href="https://teamprice.com/market-cycle">median sold price decreased</a> from $550,000 to $445,600, marking a significant drop of about 18.98%. These price declines align with what is typically seen in a market correction, which generally involves a price drop of 10% to 20%. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240804010152.png" alt="" width="" height="" style=""></figure></div> The duration of this price decline has been about two years, further supporting the notion that the Austin-area real estate market is undergoing a correction. Historically, corrections last between one to two years before the market stabilizes and begins to recover. However, several factors must be monitored to determine if this correction could escalate into a crash. One critical indicator is the <a href="https://teamprice.com/new-listing-to-pending-ratio">New Listing to Pending Ratio</a>, which helps gauge the balance between new listings and pending sales. This ratio is calculated by dividing the sum of Active Under Contract (AUC) and Pending, Taking Backups (PB) by the sum of New Listings (New) and Back On Market (BOM) properties. A ratio below 1.0 indicates that the market is experiencing an increase in inventory, as more properties are listed than are going under contract. In the Austin area, the <a href="https://teamprice.com/new-listing-to-pending-ratio">New Listing to Pending Ratio</a> has been consistently below 1.0 for the first half of 2024. Weekly ratios fluctuated between 0.68 and 0.96, with the most recent data showing a ratio of 0.77. Monthly ratios for the same period ranged from 0.71 to 0.95. This trend suggests a sustained increase in inventory, which can lead to more choices for buyers and potentially stabilize or decrease home prices. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240804010246.png" alt="" width="" height="" style=""></figure></div> Sales volume has also shown notable fluctuations. For example, January 2024 saw significant drops in the number of properties sold compared to previous years. These fluctuations indicate changing buyer behavior and market activity, influenced by factors such as mortgage rates. Recent economic developments have introduced new dynamics into the market. As of the latest jobs report on Friday, conventional mortgage rates dropped to 6.125%, and FHA 30-year fixed rates fell to 5.625%, the lowest in one year. This decrease in rates followed a crash in bond market yields. Lower mortgage rates typically stimulate buyer activity, suggesting that we might see an increase in market transactions in the coming months as borrowing becomes more affordable. Economic conditions play a crucial role in the real estate market's trajectory. While the recent drop in mortgage rates is a positive sign, high mortgage rates have historically dampened buyer demand, leading to price declines and increased inventory. Monitoring these economic conditions is essential to determine if the market is heading toward a crash or if it will stabilize with the new, lower rates. For the Austin-area market to shift from a correction to a crash, several severe indicators would need to align. These include the <a href="https://teamprice.com/new-listing-to-pending-ratio">New Listing to Pending Ratio</a> dropping consistently below 0.7, indicating a dramatic increase in inventory with few properties going under contract. Additionally, price declines would need to exceed 20%, reflecting more severe depreciation. The duration of the decline would need to extend beyond three years, signifying a prolonged market downturn. Significant and sustained drops in sales volume, coupled with worsening economic conditions such as rising unemployment and further increases in mortgage rates, would further exacerbate the market conditions, pushing it towards a crash. If the Austin-area market remains in a correction, the recovery is likely to follow historical patterns. The market could stabilize as inventory levels balance out and buyer demand increases, particularly with the recent drop in mortgage rates. Home prices might begin to recover within the next 1 to 2 years as economic conditions improve and buyer confidence returns. Increased market activity and a reduction in inventory oversupply would be key factors driving this recovery, leading to a gradual return to pre-correction price levels. In the event of a crash, the recovery would be much more prolonged and complex. Historically, real estate market crashes can take up to 5 to 10 years to recover fully. Recovery would depend on significant economic improvements, such as lowering unemployment rates, better access to financing, and sustained low mortgage rates. The market would need to absorb the excess inventory, and prices would gradually stabilize before starting to increase. The initial phase of recovery might see slow and uneven price gains, with more robust growth emerging as economic stability is restored. To summarize, the Austin-area real estate market is currently experiencing a correction, with price declines and increased inventory. The New Listing to Pending Ratio consistently below 1.0 and fluctuating mortgage rates are key indicators of this trend. The recent drop in mortgage rates to 6.125% for conventional loans and 5.625% for FHA loans brings hope for increased market activity. However, ongoing monitoring of these indicators and economic conditions is crucial to understanding the future outlook. <div class="se-component se-image-container __se__float-left" style="width: 100%;"><figure style="width: 100%;"><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240804010820.png" alt="" width="100%" height="" style="width: 100%;"></figure></div>

August 03, 2024 : Understand the current price declines, inventory changes, and economic conditions shaping the market. Is Austin heading towards a crash or just a correction? Find out more.

Is the Austin Real Estate Market Heading Towards a Crash? A Data-Driven Analysis

Understanding the Real Estate Market: New Listing to Pending Ratio and Active Listings July 13, 2024 : The real estate market is a dynamic and ever-changing environment that can be challenging to navigate. One way to gain insights into the market's health is by examining the <a href="https://teamprice.com/new-listing-to-pending-ratio">New Listing to Pending Ratio</a> and the number of active listings. This ratio, created by Team Price Real Estate, compares the number of new listings (including those that come back on the market) to the number of pending sales (active under contract and pending). It serves as a valuable tool for understanding whether the market is in equilibrium, favoring buyers, or favoring sellers. A ratio of 1.00 indicates a balanced market where the number of new listings equals the number of properties being sold. For example, if 1,000 new listings come onto the market and 1,000 are absorbed, the ratio is 1.00. If the ratio falls below 1.00, it means fewer homes are being sold than are listed, leading to an increase in inventory. Conversely, a ratio above 1.00 indicates a higher rate of sales compared to new listings, resulting in a decrease in active inventory. The data provided from 2005 to 2024 highlights various market conditions. In 2007, the <a href="https://teamprice.com/new-listing-to-pending-ratio">New Listing to Pending Ratio</a> reached its peak at 1.26 in April and May, showing a super-hot market where homes were selling faster than new ones were being listed. In contrast, 2001 experienced the lowest ratio at 0.45 in September, indicating a cold market with rapidly increasing inventory. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240713052603.png" alt="" data-rotate="" data-proportion="true" data-align="center" data-size="," data-percentage="auto,auto" data-file-name="new listing to pending ratio.png" data-file-size="393707" data-origin="," style=""></figure></div> Examining the number of active listings alongside the ratio offers additional insights. For instance, in 2008, the market faced significant challenges due to the financial crisis. Despite having a high number of active listings, with a peak of 13,384 in June, the New Listing to Pending Ratio dropped to 0.50 in October. This indicates that the market was struggling to absorb the available inventory, leading to a buildup of unsold homes. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240713052734.png" alt="" data-rotate="" data-proportion="true" data-align="center" data-size="," data-percentage="auto,auto" data-file-name="active listings.png" data-file-size="117731" data-origin="," style=""></figure></div> In recent years, the data reflects the impact of the COVID-19 pandemic on the real estate market. In 2021, the number of active listings in January was the lowest in the dataset at 2,842, and February was similar at 2,703. During this time, the New Listing to Pending Ratio remained above 1.00 for most of the year, reflecting a strong demand for homes driven by low-interest rates and changing housing preferences. By 2022, the market began to cool down, with the ratio dropping as low as 0.58 in June, indicating increasing inventory levels as market conditions stabilized. Seasonal trends are also evident in the data. Generally, the number of active listings tends to rise during the spring and summer months, peaking around June or July, and then decreases towards the end of the year. The New Listing to Pending Ratio often mirrors this seasonality, with higher values in the spring and summer when market activity is typically at its highest. Long-term trends indicate a gradual shift towards a seller's market. From 2011 to 2021, the ratios generally increased, while the number of active listings decreased. This trend is particularly noticeable in 2021, with the sharp drop in active listings and consistently high ratios, signifying strong market absorption and high demand. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240713052943.png" alt="" data-rotate="" data-proportion="true" data-align="center" data-size="," data-percentage="auto,auto" data-file-name="moi.png" data-file-size="222916" data-origin="," style=""></figure></div> July 2024: Recent Trends and Forecasts :&nbsp;As of July 2024, the real estate market is experiencing significant changes due to a recent increase in interest rates. The Federal Reserve's benchmark rate has been stable at 5.33% since the beginning of the year. <a href="https://teamprice.com/30-year-fixed-mortgage-rate">Mortgage rates</a> have also seen fluctuations, with the 30-year fixed mortgage rate averaging around 6.89% in early July 2024. These higher interest rates have impacted affordability, making it more challenging for potential buyers to enter the market. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240713052838.png" alt="" data-rotate="" data-proportion="true" data-align="center" data-size="," data-percentage="auto,auto" data-file-name="rates.png" data-file-size="103661" data-origin="," style=""></figure></div> Despite the increase in interest rates, more listings are entering the market. This influx is partly due to sellers trying to capitalize on the still relatively high property values before potential further rate hikes. The <a href="https://teamprice.com/active-residential-listings">number of active listings</a> in July 2024 is 15,682, a significant increase from the same month in previous years. The New Listing to Pending Ratio for July is 0.54, indicating that while more properties are coming onto the market, the absorption rate is slightly lagging, leading to a modest buildup in inventory. Forecasts :&nbsp;Looking ahead, the market is expected to remain somewhat volatile. The <a href="https://teamprice.com/30-year-fixed-mortgage-rate">higher interest rates</a> are likely to continue impacting affordability, potentially dampening buyer demand. However, if rates stabilize or decrease slightly towards the end of the year, as some forecasts suggest, we might see a rebound in buyer activity. The <a href="https://teamprice.com/new-listing-to-pending-ratio">New Listing to Pending Ratio</a> is expected to hover around the current levels, with minor fluctuations reflecting the seasonal trends and economic conditions. Overall, understanding the New Listing to Pending Ratio and active listings data can help real estate professionals, buyers, sellers, and investors make informed decisions. This ratio serves as a real-time indicator of market conditions, reflecting periods of equilibrium, overheated markets, and slowdowns. By analyzing these trends, stakeholders can anticipate market changes, strategically plan their actions, and navigate the complex real estate landscape more effectively.​

July 13, 2024 : Discover how the New Listing to Pending Ratio and active listings data reveal real estate market trends. Learn how this key metric can help you understand market conditions, anticipate changes, and make informed decisions in the real estate industry

Understanding the Real Estate Market with New Listing to Pending Ratio

Central Texas Real Estate Market Analysis: Top 30 Cities Breakdown July 09, 2024 : The real estate market in Central Texas presents a diverse landscape, with varying conditions across its top 30 cities. According to recent data, 17 of these cities are identified as sellers' markets, characterized by less than 4.9 months of inventory. This means that homes in these areas are selling quickly, indicating high demand. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240709093825.png" alt="" data-rotate="" data-proportion="true" data-align="center" data-size="," data-percentage="auto,auto" data-file-name="type of market.png" data-file-size="32405" data-origin="," style=""></figure></div> Examples of cities in a sellers' market include Austin, Cedar Park, and Buda. Austin, for instance, has an average home price of $1,036,767 and a median price of $649,999. With a median of 58 days on the market and 5.13 months of inventory, Austin is on the cusp of a neutral market but still leans towards a sellers' market due to its high demand and competitive pricing. <a href="https://teamprice.com/type-of-market-city">Detailed Analysis : Type of Market Cities</a>&nbsp; Bastrop, another city in a sellers' market, has 298 active listings with an average price of $508,110 and a median price of $439,902. Homes in Bastrop typically stay on the market for about 61 days, with 4.58 months of inventory available. Similarly, Cedar Park's real estate market is robust, with 242 active listings, an average price of $645,379, and a median price of $575,000. Homes in Cedar Park sell quickly, often within 39 days, reflecting its strong sellers' market status. Seven cities in Central Texas are classified as neutral markets, where the months of inventory range between 5 and 6.9 months. This balance indicates a stable market where the supply of homes meets buyer demand. San Marcos, for example, has 429 active listings, an average price of $531,984, and a median price of $399,990. Homes in San Marcos typically stay on the market for 58 days, with 5.08 months of inventory, placing it firmly in the neutral category. Driftwood also falls into the neutral market category, with 47 active listings, an average price of $1,570,336, and a median price of $1,235,000. Driftwood homes stay on the market for about 53 days, reflecting a balanced demand and supply situation. Six cities in Central Texas are experiencing a buyers' market, where the months of inventory exceed 7 months. This surplus of available homes often leads to more competitive pricing and longer time on the market. Burnet is a notable example of a buyers' market, with 122 active listings, an average home price of $869,755, and a median price of $697,000. Homes in Burnet typically stay on the market for 80 days, with an inventory lasting 8.13 months. Similarly, Wimberley has 188 active listings, an average price of $1,040,393, and a median price of $650,000. In Wimberley, homes remain on the market for 85 days, with an inventory of 9.64 months, highlighting its status as a buyers' market. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240709093938.png" alt="" data-rotate="" data-proportion="true" data-align="center" data-size="," data-percentage="auto,auto" data-file-name="months of inventory.png" data-file-size="109534" data-origin="," style=""></figure></div> Understanding the real estate market conditions across these Central Texas cities is crucial for both buyers and sellers. Sellers can capitalize on the high demand in sellers' markets, while buyers can take advantage of more favorable conditions in buyers' markets. Meanwhile, those looking at neutral markets will find a balanced environment where neither buyers nor sellers have a distinct advantage.​

July 09, 2024 : current real estate market conditions across the top 30 cities in Central Texas. Learn which cities are sellers, neutral, and buyers markets, with detailed data on inventory, prices, and market trends. Stay informed and make better decisions whether you're buying or selling a home in Central Texas.

Central Texas Housing Market Trends: Sellers, Buyers, and Neutral Markets

Austin Real Estate Market Sees Record Highs in Active Listings and Inventory June 21, 2024 : The Austin real estate market has experienced significant changes, reaching record highs in active residential listings and months of inventory. As of June 21, 2024, active residential listings have reached an unprecedented 15,137, representing a 5.96% increase month-over-month and a substantial 28.7% rise year-over-year. This is the highest number of active listings ever recorded, surpassing the previous high of 15,035 on June 14, 2024, by 102 listings. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240622022318.png" alt="" data-rotate="" data-proportion="true" data-align="center" data-size="," data-percentage="auto,auto" data-file-name="active.png" data-file-size="88830" data-origin="," style=""></figure></div> A detailed comparison of the current year to the previous year reveals notable differences in the market dynamics. In 2023, the number of active listings was 11,760, which means the 2024 figure shows a remarkable increase of 28.7%. On the other hand, pending listings have seen a decline. In 2023, there were 5,245 pending listings, whereas in 2024, the number has decreased to 4,883, a drop of 6.9%. This shift indicates a cooling in the market’s absorption rate. The activity index, which measures the percentage of properties under contract out of the total available, provides further insight into market trends. The activity index has fallen from 31.6% in 2023 to 24.4% in 2024, showing a significant decrease of 22.7%. This metric is a leading indicator of market absorption, highlighting the percentage of properties going under contract out of the total available. A lower activity index suggests a slower pace of property sales relative to the number of active listings. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240622022357.png" alt="" data-rotate="" data-proportion="true" data-align="center" data-size="," data-percentage="auto,auto" data-file-name="activity.png" data-file-size="112031" data-origin="," style=""></figure></div> Another critical metric, months of inventory, has also reached a new high. In 2024, the months of inventory stand at 5.31, compared to 4.04 in 2023, marking a 31.6% increase. This indicates a slower turnover of homes, suggesting that properties are remaining on the market for longer periods before being sold. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240622022441.png" alt="" data-rotate="" data-proportion="true" data-align="center" data-size="," data-percentage="auto,auto" data-file-name="moi.png" data-file-size="69518" data-origin="," style=""></figure></div> The current market conditions also reveal significant price adjustments and occupancy trends. Out of all active listings, 52.1% have experienced price drops, and 44.2% of pending listings have had price reductions before going under contract. Additionally, 57.2% of all active listings are currently vacant, reflecting changes in property occupancy dynamics. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240622022530.png" alt="" data-rotate="" data-proportion="true" data-align="center" data-size="," data-percentage="auto,auto" data-file-name="price drop.png" data-file-size="194835" data-origin="," style=""></figure></div> When breaking down the types of listings, resale homes constitute the majority with 9,714 properties, accounting for 64.2% of the total active listings. New construction follows with 2,359 homes, making up 15.6% of the market. Other categories include updated or remodeled homes, which represent 5.9% of the market, and properties under construction, which account for 10.7%. Geographical distribution shows variations in market activity across different cities within the Austin area. For instance, Austin itself has 4,796 active listings, with 54.6% experiencing price drops. In contrast, Lakeway has 164 active listings, with a notable 68.9% having undergone price reductions. Other areas like Leander and Georgetown also show significant levels of price adjustments, with 58.6% and 56.1% of listings experiencing price drops, respectively. The overall increase in active listings and months of inventory, coupled with the decrease in pending listings and activity index, suggests a shifting market landscape. These changes highlight the importance of monitoring market trends and adapting strategies to navigate the evolving real estate environment in Austin.​ This article is based on data published on June 21, 2024. <a href="https://teamprice.com/insight-and-statistics">Austin Real estate statistics</a> are constantly evolving. For the most current data and analysis, please refer to the following resources, updated weekly: <a href="https://teamprice.com/active-residential-listings">Latest Active Residential Listings in the Austin-Area</a>

June 21, 2024 : Latest trends in the Austin real estate market as active residential listings and months of inventory reach record highs in 2024. Explore detailed market data, including price adjustments, occupancy rates, and geographical distribution, providing a comprehensive analysis of the current housing market dynamics.

Austin Real Estate Market Trends: Active Listings and Inventory Surge

June 14, 2024 : Austin-Area MLS Active Listings Cross 15,000 for the First Time The Austin-Area real estate market is witnessing a significant change as the number of <a href="https://teamprice.com/active-residential-listings">active residential listings</a> has crossed the 15,000 mark for the first time. This milestone, reached in mid-June 2024, reflects a substantial increase in available properties compared to previous years. In 2022, the active listings began modestly at 2,031 in early April and saw a steady rise, peaking at 10,874 by early September. This year-over-year growth continued in 2023, where listings started at 9,134 in early January and climbed to 12,188 by late August. However, 2024 has seen even more dramatic growth. Listings began at 9,707 in early January and soared to 15,035 by mid-June, marking a significant 30% increase compared to the same period in 2023. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240615034506.png" alt="" data-rotate="" data-proportion="true" data-align="center" data-size="," data-percentage="auto,auto" data-file-name="active history.png" data-file-size="85974" data-origin="," style=""></figure></div> The monthly growth trends over these years illustrate the dynamic nature of the <a href="https://teamprice.com/">Austin-Area real estate</a> market. In 2022, active listings grew rapidly from 2,031 in early April to 6,551 by mid-June. In 2023, the market saw a steadier increase, with listings rising from approximately 9,700 in early April to around 11,500 by mid-June. This year, the growth has been even more pronounced, with listings increasing from 11,880 in early April to over 15,000 by mid-June. Daily changes in active listings for 2024 further highlight the market's dynamism. For example, on May 10, there was a notable increase of 423 listings. Similar spikes were observed on May 24, with an increase of 159 listings, and on June 14, with a jump of 256 listings, which helped the market reach the 15,000 milestone. This rise in listings is complemented by changes in other key metrics. The months of inventory, which indicates how long it would take to sell the current inventory at the existing sales pace if no new listings were added, has increased to 5.26 months by mid-June 2024. This is a significant rise from previous years, suggesting a shift towards a more balanced or buyer-friendly market. Pending listings, which represent properties under contract but not yet sold, have shown a decrease compared to the previous year. By June 14, 2024, pending listings were down by 9.3% year-over-year. This decline indicates a slower pace of transactions, likely due to the increased inventory and more choices available to buyers. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240615034534.png" alt="" data-rotate="" data-proportion="true" data-align="center" data-size="," data-percentage="auto,auto" data-file-name="active vs pending.png" data-file-size="94465" data-origin="," style=""></figure></div> Comparing data from previous years provides additional insights. In 2022, the market experienced rapid growth from April to June, with active listings nearly tripling from 2,031 to 6,551. The trend continued in 2023, albeit at a steadier pace, with listings growing from 9,134 in January to 11,760 by mid-June. In 2024, the growth has been much sharper, with listings starting at 9,707 in January and reaching 15,035 by mid-June. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240615034550.png" alt="" data-rotate="" data-proportion="true" data-align="center" data-size="," data-percentage="auto,auto" data-file-name="active 2024 vs 2023.png" data-file-size="88214" data-origin="," style=""></figure></div> The current market dynamics indicate that the <a href="https://teamprice.com/">Austin-Area real estate market</a> is evolving. Buyers now have more options, which could lead to longer selling times and potentially more competitive pricing strategies from sellers. Real estate agents need to stay informed about these trends to provide accurate advice and adjust their marketing strategies accordingly. In conclusion, the crossing of the 15,000 active listings mark in the Austin-Area MLS is a significant milestone. This growth reflects broader market trends and suggests a shift towards a more balanced market. Understanding these changes is crucial for all stakeholders in the real estate industry, from buyers and sellers to agents and brokers.&nbsp; This article is based on data published on June 14, 2024. <a href="https://teamprice.com/insight-and-statistics">Real estate statistics</a> are constantly evolving. For the most current data and analysis, please refer to the following resources, updated weekly: <a href="https://teamprice.com/active-residential-listings">Latest Active Residential Listings in the Austin-Area</a>

June 14, 2024 : Explore the significant growth in the Austin-Area real estate market as active MLS listings surpass 15,000 for the first time. Discover detailed data insights and market trends from 2022 to 2024, highlighting the dynamic changes and implications for buyers, sellers, and real estate professionals.

Austin-Area Real Estate: Active Listings Surpass 15,000

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