June Housing Report: Central Texas Sees 25.9% Increase in Listings and 6.3% Drop in Median Sales Prices—What This Means for Buyers and Sellers in the Coming Months
“AUSTIN, Texas — According to the June and Mid-Year 2024 Central Texas Housing Report released by Unlock MLS, active home listings in June increased 25.9% to 13,227 listings. This increase, coupled with the rise in mortgage rates in late April and early May to 7.2%, induced a decline of 6.3% to the median sales price of $450,000 in June, providing buyers with the highest level of inventory, 5.0 months of inventory, in the MSA since 2011.” Provided by ABOR and Unlock MLS.
During last month's blog, we mentioned that an even greater influx of new listings was expected in June, and that's exactly what happened. Coupled with interest rates holding firm, this has created a recipe for a decline in sales prices and a surge in buyers' ability to be selective and patient. As a result, things aren’t likely to change much over the next 30 to 60 days. As long as rates remain steady and the market continues to see an increase in new listings, expect this forecast to hold for a while.
Buyers: Homes Selling for 96.4% of List Price and Seller Incentives Offering Savings
The information here will be similar to last month, but an interesting statistic you can take to the bank, literally, is that, on average, homes are selling for 96.4% of their list price. Coupled with seller incentives to buy down interest rates, this can help you save a significant amount of money and reduce monthly expenses in the current market. Additionally, some new construction homes offer in-house financing, which can be both enticing and helpful for buyers. Be selective in the current market and make requests; however, as was the case last month, the best-renovated and well-priced homes continue to sell fairly quickly.
Sellers: Navigating Today's Real Estate Market to Maximize Value—The Importance of Preparation and Pricing
I started my real estate career in 2007, and anyone who was buying or selling during that time knows it was very similar to our current market: high inventory, challenging economic conditions, picky buyers, and properties getting stuck on the market. I cannot emphasize enough how important it is to heed my advice below. If you don't trust me, here’s a relevant statistic from Unlock MLS: “Homes are selling at 96.4% of their original list price, but the homes that are selling are moving because they are showing well and priced appropriately.” Many people do not fully understand what this means.
Here’s the situation, same as last month:
For sellers, maximizing preparation, staging, renovations, and repairs—both inside and outside—is of the utmost importance. With buyers having more options available to them, you need to capitalize on the showings you get by helping buyers see every bit of value in your property compared to the competition. At Wagner Real Estate, we’ll connect you with any professionals you may need to get your property looking top-notch and ready to list and sell.
Investors: Key in on the $300,000 Housing Market
Same as last month, investors: look at properties in outside cities within the $300,000 market. Alternatively, let us help you be selective and find the right conditions to acquire a property at the right price, in the right area, with the right design, so you can lease it and start generating passive income.