Residential real estate inventory increased during the first week of September - more listings went on the market than the previous week, but there were fewer new contracts, closings, and properties withdrawn or expired from the market. Personally, this past week I had a listing close and a buyer go under contract, so I'm curious to see if the arrows have changed direction! Reach out to me if you'd like to know which way they are pointing in your particular zip code around the Austin, TX area.
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I'm not sure where August went! I apologize for not keeping up with posting the market stats here. This has been a weird summer market in the Austin area for sure. But I'm back to posting the stats!
In both the city of Austin and the 78645 zip code (the Northshore of Lake Austin) inventory dropped last week. Fewer new listings, more contracts, more closings and more listings expired. For sellers that means less competition. For buyers that means less to choose from!
As interest rates drop, buyers will find they have more competition on houses they like, and sellers will be able to ask higher prices again. Keep that in mind if you are a buyer who has been waiting for the rates to drop before making a move!
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I enjoy keeping an eye on the changes in the market from week to week. New listings were down from last week in Austin - not surprising since we are entering July. Contracts were up - there are still buyers looking! Closings were up, along with withdrawns and expireds, which is more good news for sellers who are hanging in there. It means there is a little less inventory for buyers to choose from. There is still enough inventory that sellers have to stay competitive if they want their property to be chosen, instead of helping to sell the next one by making it look like a better deal. It is the hard truth of this market for those who have to sell. This is a general update for the city of Austin - reach out to me if you want me to check your specific market.
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