Happy Thursday,

The heat is on, as we kicked off this week sweating through the federal tax or 'extension filing' deadline and now temperatures already getting into the 90s in Austin, about that time to find your favorite patios and watering holes, we've got you covered.

The official ABOR March market stats are out, and we're here to break them down for you. including insights into Travis County's appraisal notices, the HOME initiative update, 10 great fixer-upper markets, and Zillow's latest market report.

Stay informed and share this report with anyone who might benefit from navigating the real estate market with confidence.

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

2024 Appraisal Notices Are On Their Way to Property Owners

Notices of Appraised Value for the 2024 tax year are on their way to Travis County property owners and updated market values will be posted on the Travis Central Appraisal District website ( traviscad.org) in the coming days.

Austin Board of Realtors report supports smaller homes on smaller lots

A plan to create new affordable housing in Austin by subdividing existing properties is getting support from realtors. The proposed re-zoning initiative aims to compactly curb inflated land and construction costs by enabling smaller homes to be erected on subdivided lots.

This Weeks New Listings

See Our Listings

Residential Market Update

Increasing Inventory Fuels Further Buyer Confidence

In March 2024, the Central Texas housing market experienced a significant surge in new home listings, with an increase of 10.2% compared to last year. This has resulted in all but 1 county (Williamson) reaching four-month inventory levels. This is a much healthier and more robust market.

Homeowners are displaying confidence in the value of their properties, while buyers now have a wider selection of homes to choose from, contributing to a stabilization of price growth. The data lends itself to the advantages and opportunities for first-time homebuyers, with more options available in the lower price range. Despite slight fluctuations in metrics across different areas within the MSA, overall market conditions remain favorable, presenting exciting opportunities for both buyers and sellers.

City of Austin

900– Sold, 3.1% more than March 2024.
$564,995– Median price, 2.7% more than March '23.
1812– New listings, 4.9% more than March 2023.
3430– Active listings, 16.1% more than Mar 2023.
1091– Pending sales, 6.6% more than Mar 2023.
4.0– Inventory, 1.4 more than Mar 2023.

Travis County

1190– Sold, 1.4% more than Mar 2023.
$510,000 – Median price, no change from March '23.
2320– New listings, 3.3% more than Mar '23
4695– Active listings, 11.8% more than Mar 2023
1433– Pending sales, 6.5% more than Mar 2023
4.1– Inventory, 1.3 more than Mar 2023

Williamson County

869 – Sold, 6.9% less than March 2023
$420,000– Median price, 1.6% less than March '23.
1398 – New listings, 11.2% more than March 2023.
2593– Active listings, 3.2% less than March 2023
1100– Pending sales, 11.8% more than Mar 2023.
3.0– Inventory, no change from Mar 2023.

Insights into the Austin MSA Real Estate Market

Buyers: 2024 continues to offer a favorable environment, especially with the uptick in inventory. While competition may increase slightly as we head into the spring, it's not overly intense this year. Remember, the key is to assess your long-term plans: If you're committed to staying put for at least 3-5 years, purchasing a home can be a smart financial move. Remember "time in the market" is more valuable than trying to "Time the Market"

Sellers: For the Spring of 2024, pricing your home strategically is key. In a balanced or slower market, pricing becomes even more crucial as the market isn't strongly in your favor. Timing matters too—listing during peak demand can give you an edge and attract more potential buyers.

Central Texas Real Estate Report

Hays County

360 – Sold, 4.3% more than March 2023
$388,005– Median price, 1% less than Mar '23.
689– New listings, 23% more than Mar 2023
1518– Active listings, 11.8% more than Mar 2023.
416– Pending listings, 9.8% more than Mar 2023
4.3– Inventory, 0.6 more than Mar 2023

Bastrop County

104– Sold, 10.6% more than March 2023
$374,949– Median price, 2% more than March '23.
231 – New listings, 40% more than Mar 2023.
516– Active listings, 7.5% more than Mar 23'
114 – Pending sales, 4.6% more than Mar 2023
4.9– Inventory, 0.7 more than Mar 2023

Caldwell County

40– Sold, 60% more than Mar 2023
$304,938– Median price, 1% more than March '23
76– New listings, 55.1% more than Mar 2023
156– Active listings, 71.4% more than Mar 2023.
53– Pending sales, 71% more than Mar 2023
4.6– Inventory, 0.3 less than Mar 2023

The Rate Update: The spotlight is on the Fed, and mortgage rates, two major factors impacting Austin's real estate market, alongside job trends, and inflation data, which are all tied together. For the past 8 months, the Fed rate has held steady, keeping mortgage rates pretty stable for a year now. While the Fed plans to lower rates in 2024, the timing remains uncertain. Forecasts suggest rate cuts may commence in late Q2 or early Q3, with expectations of 2-3 drops this year. Until these adjustments occur, significant shifts in the market are unlikely.