A good time for buyers to be picky
Active listings have been steadily climbing over the last few months and August 2023 is no exception. With almost 10,000 active listings and an average of 60 days on the market, this is a good time for buyers to take their time to find the house in the location and with the features they are looking for.
However, August showed some good activity with an increase in closed sales of almost 9% compared to July and a slight increase in pending sales YoY.
Median sales price is at $460,000. A slight decline to July, an increase to January this year ($450,000), and a 7.6% decrease since August last year (July’s median sales price was 10% lower than last year’s).
It is still a complicated market with many different moving parts. Interest rates are expected to rise again at the end of the year, and we need to keep a close eye on what this means for the market in the meantime. With buying power anticipated to be lower with higher mortgage rates, this could mean higher need now.
News from our Brokerage
While the housing market taking us on an interesting journey, we have been growing our brokerage and are welcoming Morgan and Chris into our family.
Morgan specializes in families that are relocating to the area and loves hunting for the perfect neighborhood and home. There is a place for everyone and she is dedicated to finding it!
She has been in Austin for over 10 years and has extensive experience in the real estate market.
Chris is a veteran of the Central Texas real estate market with a career spanning nearly two decades. he has honed his expertise in catering to investor’s needs, specializing in the management and optimization of their portfolios for maximum profitability and value.
Beyond his real estate endeavors, Chris and his family find solace in the serene beauty of the Davis Mountains and Big Bend.
We couldn’t be more excited to have Morgan and Chris on board!
As always, drop us a text or email for any and all real estate needs and questions - always happy to hear from you!
