November real estate stats for the Austin Metro are in! Here's what you need to know.
As we head into the holiday season, the Austin market is showing the most encouraging metrics we’ve seen in over a year. While month-over-month trends follow predictable seasonal cooling, modest improvements in several key indicators suggest the market continues to stabilize.
Mortgage rates dipped slightly in November, and with the Fed signaling further rate reductions in the near term, we could see increased activity early next year.
Key Highlights: Metrics, Year over Year
Total Sales: increased by 8.6%, with 2,237 properties sold across the 5-county area.
Average Sold Price: rose 3.1% to $557,000, while the median sold price saw a 2.1% increase.
Active listings: grew modestly by 5.2%, reflecting a balanced market.
Withdrawn/Expired Listings: declined by 8.2%, hinting at greater seller confidence.
Average Days on Market: increased 16% to 87 days, reflecting a slower, but not stagnant, selling pace.
Pricing Trends:
Average and median prices continue their steady climb, with average prices up 3.1%. While prices remain below mid-2023 peaks, the current trajectory shows continued stability, as demonstrated in the graph below:
Volume Sold and Pending Units
The total dollar volume sold in November 2024 reached $1.25B, an 11.99% increase, bolstered by modest price appreciation and higher transaction counts. Pending units, a leading indicator, saw a 10.5% gain, indicating that buyer activity could pick up further as we approach the new year.
Inventory and New Listings
New listings fell 3.0%, while active listings rose 5.2%, nudging months of inventory up to 4.7—a balanced market. Withdrawn and expired listings fell, indicating sellers are less inclined to pull their homes off the market, potentially due to improved buyer activity.
The Fed, Mortgage Rates, and the Market
The Federal Reserve reduced its benchmark interest rate twice in 2024, with expectations of a third cut before year’s end. While these rate reductions are already partially reflected in current mortgage rates, the declines are welcome news for buyers and sellers alike.
Broader Economic Indicators
Local hiring trends remain mixed, with Indeed.com job postings down 12%, but this marks the smallest decline since the downturn began. Continued improvements in job growth could spur further confidence in the housing market as rates stabilize.
If You’re a Buyer:
The seasonal slowdown presents an excellent opportunity to explore homes with less buyer competition. While mortgage rates remain historically high, they’ve shown improvement, and many lenders are offering innovative financing options. Broader market trends indicate that purchasing now could set you up for strong value growth as rates are expected to decline further in 2025 (which could mean increased competition and pricing).
If You’re a Seller:
With demand following seasonal patterns, now is the perfect time to start preparing for the spring market. With inventory levels remaining balanced, a successful sale hinges on strategic pricing and thorough preparation. If selling now is a priority, be prepared to offer concessions to attract motivated buyers.
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.
Cheers!
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