Happy Thursday, y'all!

As we roll through another hot week in Austin, there's plenty to share. The arrival of a new 2-acre park and trailhead on Rainey Street to accompany all the new condo residents and bar visitors set to enhance the few green spaces left on the street, offering a perfect spot for outdoor activities and relaxation. Meanwhile, in the hill country innovation moves forward. Wimberley will be the host to the next ICON development with the introduction of 3D-printed hill-country homes, with fast construction and sustainable living to help fill the demand Wimberley has been generating.

Whether you're looking to buy, sell, or invest, staying informed is crucial to maintaining an edge.

Let's dive into this week's community news, market stats, and new listings to explore the opportunities and challenges in Austin's real estate market.

The Cossette Team

RE/MAX Gateway

(512) 610-7653

thecossetteteam@gmail.com

Do you know anyone who may need our services? Feel free to pass this email along so we can chat with them about their real estate needs!

Community News

Rainey Street Gets New Park 🌳🚶‍♂️

Austin’s Rainey Street welcomes a new 2-acre park and trailhead, enhancing green space in the bustling area. This addition offers residents and visitors a place to enjoy outdoor activities and connect with nature.

New 3D-Printed Homes in Wimberley 🏠🔧

ICON introduces innovative 3D-printed homes in Wimberley, Texas. These eco-friendly, modern homes aim to revolutionize the housing market with faster construction times and sustainable materials.

This Weeks New Listings

See Our Listings

Residential Market Update

Shifts in the Central Texas Housing Market: June 2024 Update

The official MLS stats for June 2024 reveal significant changes across the Central Texas housing market. Varying trends across different counties suggest a more dynamic and diverse market environment. While some areas experienced price drops, increased inventory levels indicate a healthier market with more opportunities for both buyers and sellers.

City of Austin

$600,000 – Median price, 1.6% less than June 2023.
868 – Closed sales, 21% less than June 2023.
1,661 – New listings, 10% less than June 2023.
5,632 – Active listings, 43.4% more than June 2023.
910 – Pending sales, 12.2% less than June 2023.
5.8 – Months of inventory, 1.9 months more than June 2023.

Travis County

$525,000 – Median price, 3.7% less than June 2023.
1,210 – Closed sales, 18.6% less than June 2023.
2,122 – New listings, 9.9% less than June 2023.
6,819 – Active listings, 29.9% more than June 2023.
1,224 – Pending sales, 9.4% less than June 2023.
5.8 – Months of inventory, 1.8 months more than June 2023.

Williamson County

$434,000 – Median price, 3.6% less than June 2023.
945 – Closed sales, 15.1% less than June 2023.
1,357 – New listings, 2% less than June 2023.
3,727 – Active listings, 23% more than June 2023.
976 – Pending sales, 1.3% less than June 2023.
4.1 – Months of inventory, 1.1 months more than June 2023.

Insights into the Austin MSA Real Estate Market

Buyers: In June 2024, the Austin-Round Rock MSA experienced overall price declines and increased inventory. The median home price fell by 1.6% in Austin and 3.7% in Travis County, making it even more accessible for buyers to get what they need. Increase in active listings in every county, offering more options for first-time buyers, and the ability to negotiate on their terms. Buyers should be vigilant and ready to act quickly in this changing market environment, but for now, the market is prime for Buyer opportunity.

Sellers: June 2024 presented a mixed landscape for sellers, with significant increases in active listings. The City of Austin saw a 43.4% rise in active listings, creating more competition among sellers. To succeed in this competitive market, sellers need to price their properties strategically and right away, testing the market and trickling down your price point to get to the sweet spot is not working like it used to. Aggressive and imidate action is necessary to grab the attention of the limited number of active Buyers, and make sure your property stands out through excellent presentation, highlighting the unique aspects, offering rate buy-downs, increased agent commission, and of course the best pricing you can offer.

Central Texas Real Estate Report

Hays County

$391,775 – Median price, 7.8% less than June 2023.
413 – Closed sales, 1.7% more than June 2023.
623 – New listings, 5.4% more than June 2023.
1,908 – Active listings, 20.4% more than June 2023.
416 – Pending sales, 6.9% more than June 2023.
4.9 – Months of inventory, 0.7 months more than June 2023.

Bastrop County

$339,450 – Median price, 10.7% less than June 2023.
111 – Closed sales, 1.5% more than June 2023.
198 – New listings, 26.9% more than June 2023.
633 – Active listings, 23.9% more than June 2023.
140 – Pending sales, 29.6% more than June 2023.
5.7 – Months of inventory, 1.1 months more than June 2023.

Caldwell County

$300,000 – Median price, 7.1% more than June 2023.
57 – Closed sales, 45% more than June 2023.
61 – New listings, 8.9% more than June 2023.
138 – Active listings, 8.1% more than June 2023.
44 – Pending sales, 25.7% more than June 2023.
3.0 – Months of inventory, 0.3 months less than June 2023.

The Rate Update: Mortgage rates in July 2024 have shown a slight downward trend, influenced by cooling inflation and the Federal Reserve's cautious approach to rate hikes. The average 30-year fixed-rate mortgage is expected to remain in the high 6% range, with forecasts suggesting a gradual decrease throughout the year. Analysts predict rates may hover around 6.8% to 7.0% in the coming months, potentially dropping further if inflation continues to ease and the Fed implements rate cuts as anticipated in late early fall (NerdWallet: Finance smarter) (The Mortgage Reports) (LendingTree).

TODAYS RATES

New Listing Activity

Market & Investor Insights

Formerly Hot Markets Cool Down 🌡️🏙️

BiggerPockets identifies 11 previously booming real estate markets that have cooled off. Investors should reassess their strategies in these areas, focusing on emerging trends and new opportunities for growth.

Mortgage Markets 📉

CoreLogic's June 2024 insights cover key mortgage and housing market trends, including rate changes, market demand, and economic impacts. These points are essential for gauging the market's trajectory.