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May 2024 Austin Real Estate Stats Review: Pricing Remains Stable, Demand Dips

Updated: 3 days ago

May real estate stats for the Austin Metro are in! Here's what you need to know.

The Fed monetary policy and rate remains the biggest driver of the market. While pricing has stabilized, more sellers have entered the market in 2024 than buyers, so active listings and inventory continue to increase.

Sellers vs. Buyers & a Market Stalemate 

It’s safe to say that there are simply more new sellers in the market than buyers. Buyer purchasing power continues to remain lower due to mortgage rates, and most sellers have historically low fixed rates. There is simply low demand to buy and low motivation to reduce price, causing a stalemate in the market.

If You're a Seller:

The market is difficult, but not impossible. Active listings are increasing, but months of inventory (MOI) is not moving since many sellers have withdrawn. As we enter the summer months, we’re moving into a seasonal decline in demand, so it’s important to strategize your price and “Plan B” now. Talk with your agent and develop a strong pricing strategy and listen to buyer feedback closely.

If You're a Buyer:

The market is in your favor with more listings hitting the market than new buyers entering the market. It’s important to understand that many sellers are unwilling to reduce price much, however, since they have such favorable mortgage rates. House shopping in this environment sends mixed messages as your favorite house may not also have favorable pricing and you’ll need to decide if you want to keep shopping or buy the house you love the most.

Key Highlights:

  • Average & median sold price remain stable with negligible decreases of -1.1% and -2.1% year-over-year (YOY).

  • Sold units decreased -5.5% YOY in May, which was discouraging after a nice increase in April.

  • Pending units decreased -5.9% YOY, and we expect sold units to follow again in June.

  • Sold volume decreased YOY for the first time since January.

  • New listings increased +18.4% YOY and active listings increased +22.6%.

  • Expired and withdrawn listings increased +30.9% YOY.

Contracts Decline While Prices Remain Stable

Pending units declined -5.9% YOY in May after a negligible YOY change in April. Pending units are a leading indicator of market demand and we expect sold units to follow suit. Prices remain stable, however, many sellers chose to pull from the market rather than drop price. As a result, expired/withdrawn listings increased +30.9% YOY in May.

Months of Inventory, New & Active Listings Increase 

New listings increased by double digits for the fourth month in a row as active listings increased +22.6% YOY. Coupled with the more modest decline in pending units and the increase in expired/withdrawn listings, this caused MOI to increase to 4.0 MOI. This is a +22.5% increase YOY, but a small decrease from April.

Sold Volume Decline 

2024 started the year with moderate volume increases with seasonal price gains and moderate sold unit gains. May showed a -6.56% decline in volume, which is the first drop since January, which had only negligible declines. This could be the first month of a volume decline trend as we get closer to the presidential election and the negative sentiment that typically comes with campaigning.

Our goal as your trusted real estate advisors is to provide you with the information you need to help you reach your investment goals.  

As always, real estate is hyperlocal and extremely situational, so please reach out to us to discuss your specific situation. We’d love to help you and strategize what’s in your best interest.


 © 2024 Berbas Group. All rights reserved.



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