The Austin real estate market is experiencing a welcome shift towards a more balanced environment. While buyer demand remains strong, the increase in inventory provides more options and potentially moderates price growth. This is a positive development for both buyers and sellers.

Sales and Pricing Trends

• Closed Sales: The number of closed sales in April 2024 has shown a healthy increase of 5.9% compared to April 2023. This rise suggests a steady demand in the market and a positive reception of listings by buyers.
• Median Price: The median price for homes sold in April 2024 has seen a modest increase of 1.1% from April 2023. This steady rise indicates a stable appreciation in property values, which is beneficial for both sellers and investors.
• Sales Dollar Volume: The total sales dollar volume has reached $1.64 billion, an 8.9% increase from the previous year. This growth highlights the overall expansion of the market in terms of transaction value.
• Average Close to List Price Ratio: The average close to list price ratio has improved to 95.6%, up from 93.9% in April 2023. This indicates that sellers are achieving closer to their asking prices, suggesting a competitive market where buyers are willing to meet seller expectations.

Market Activity

• Days on Market: Homes are selling faster, with the average days on market dropping by 4 days to 68 days. This reduction signifies a more efficient market where listings are being absorbed more quickly.
• New Listings: The market has seen a substantial influx of new listings, increasing by 26.1%. This rise suggests that sellers are confident in the market’s ability to absorb new inventory.
• Active Listings: Active listings have surged by 31.9%, indicating a significantly larger pool of available properties. This increase could provide buyers with more options and potentially create a more balanced market.

Pending Sales and Inventory

• Pending Sales: Pending sales have risen by 2.5%, reflecting a sustained interest in property transactions and suggesting a healthy pipeline of future closed sales.
• Months Inventory: The months of inventory available has grown to 4.3 months, up by 1.2 months from April 2023. This increase points to a slight shift towards a buyer’s market, providing more choices and negotiating power to buyers.

What it Means for You

• Buyers: With more choices available, you have the opportunity to find a property that meets your needs and negotiate a more favorable price. However, be prepared to act quickly on competitive listings.
• Sellers: While the market remains favorable, it’s crucial to price your property competitively and leverage the expertise of a realtor to ensure a smooth and successful sale.
  Looking Ahead

For personalized insights and expert guidance tailored to your specific goals, feel free to contact me. As your trusted real estate advisor, I am here to assist you every step of the way.

Disclaimer: The information provided in this report is based on data available as of May 2024 and is intended for informational purposes only. Actual market conditions may vary, and individuals are encouraged to conduct their own research and consult with a qualified real estate professional for specific advice and guidance.