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June's Market Scoop:
As always we pull our own market stats and break them down before the "official" release. For June we're paying attention to the following:
The median sales price slightly decreased again by -5.86% to $449,990 from last Year. In Austin, the average sales price saw a decline of -2.71% to $774,456, with the median sales price decreasing by 1.80% to $599,000 since last Year. - What we are seeing on the ground is Buyers are negotiating more, finding better deals, and opting for the less expensive properties in a given neighborhood or area market. Imagine that, Buyers going for the Best deals!
Decreased Sales: Both the 5-county MSA and the City of Austin saw a decline in total sales year-over-year. The MSA experienced a 17.09% drop, while Austin had a 6.13% decrease.
- This is evidence that despite the increase in inventory, the few Buyers that are in the market are becoming more cautious, a lot of that hesitation is due to economic uncertainties, political uncertainty, and of course higher interest rates.
Increased Inventory: There's a notable increase in months of inventory, especially in Austin, which saw a 40.17% rise. We know that homes are staying on the market longer, this is giving buyers more choices and ultimately leading sellers to lower prices, especially the Sellers who have to sell. The Opportunity is for the Buyer and the investor who can find those desperate Sellers willing to negotiate, many are sitting in plain sight behind the seemingly high "List Price".
More Withdrawn Listings: Both Austin and the MSA have seen an increase in withdrawn listings, Many Sellers who thought they wanted to sell but don't need to are withdrawing, keeping or repurposing their properties as rentals and holding off on selling due to the unfavorable market conditions, and increasing competition.
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