December Market Update…a bit late

Here we are at the end of January, taking a look back at the December 2023 Market Update.    

Across the Metro area, December 2023 sales prices looked much like they did at the same time last year, so the year-over-year prices don't look very noteworthy. In other words, 2023 sales prices were neither catastrophic or astronomic; they were just stable, which is NOT what we're used to in Austin Real Estate.

Days on market is up across the board, which is not a surprise as we have all seen that it is taking longer for homes to sell.  Average DOM metro-wide was 84 in December 2023, but I'm super excited to see how January and February fare as we are starting to see multiple offers on new listings again, and overall buyer activity seems to be picking up.  

The number of new listings that hit the market in December is up everywhere except Williamson County, which saw a mere 2% decrease Y-o-Y.  Hopefully we will see this continue into 2024 as we are still in need of more inventory to meet buyer demand.  

Rates are still hovering in the high 6% range, but we will likely see a drop in March and another in May, based on market indicators. If all the pent-up buyer demand finally bursts through the dam when rates become tolerable, we may likely have 50,000 more buyers contending for very limited inventory. That 50K figure is a rough estimate of those who decided to sit out last year plus new Texans moving here from out of state who want to buy and not rent.

What does this mean for you? If you're considering a purchase, I'd think seriously about buying now so you don't have to compete in shark infested waters.  If you're thinking about selling, I think spring will be hot and you'll likely have a successful outcome if your home is prepped and priced correctly. 

If you have any specific real estate questions about your property or your home search, please don’t hesistate to reach out; I’m always here to help.