Experts say we're still in a seller's market, but homes are taking longer to sell and are being bought for less than the original list price on average.

KVUE AUSTIN, Texas — "Prospective homebuyers can start breathing a little easier, according to new data from the Austin Board of Realtors (ABoR).

ABoR reports that, in September, home sales declined 18.5% to 2,992 closed listings as active listings were up 162.4% to 9,671 listings. That's the highest number of active listings in the area since July 2011, according to ABoR.

"Homebuyers have not had this much leverage and this many options in over a decade," said Cord Shiflet, 2022 ABoR president. "We’re still in a seller’s market, but as homes take longer to sell and are being bought for less than the original list price on average, and with inventory steadily increasing, right now is a great time to be a homebuyer in Central Texas."

In September, new listings declined 3.8% to 3,967 across the area. Meanwhile, the median price increased by 5.6% to $470,000, a median price record for the month of September.

Available inventory increased to 3.1 months of inventory – "a little more than half the amount of inventory for a market to be considered balanced," according to ABoR. Homes spent an average of 40 days on the market, up 23 days from last September.

Shiflet said that homeowners "no longer need to move at a frantic pace to find a home," with more homes to choose from and more time to find a home that works for them. However, at the same time, interest rates are rising.

Shiflet also said sellers need to reset their expectations as the market continues to change.

"Homes are selling at 95% of their original list price. Sellers need to know that the days of multiple offers way over asking price are a thing of the past," Shiflet said.

Shiflet noted that strong home sales growth isn't limited to just the city of Austin.

"The more outlying areas are gaining in popularity as Bastrop, Caldwell and Hays counties all experienced significant growth in sales activity," Shiflet said. "As more developments are planned and opened in these areas, buyers will have even more options to find a home that works for them that is still easily accessible to Downtown Austin. This is great news for buyers, renters and our economy.""

Source: KVUE Austin

Written by: Britny Eubank

Published: October 17, 2022

Posted by Grossman & Jones Group on


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