Happy Thursday, y'all!

Tomorrow marks the summer solstice—the longest day of the year—and just like those extended daylight hours, the Buyer and investor opportunities in the Austin market are looking brighter than ever! We've got the latest ABOR stats to breakdown. In local news, we’re showcasing 8 fantastic family-friendly resorts, ideal spots to enjoy the summer vibes.

In market News, don’t miss Freddie Mac’s update on improving multifamily investment opportunities. Investors, you’ll want to check out the latest on DSCR rates and strategies to make the most of your 2024.

Dive into these insights and leverage the longest day of the year to plan your next big move in real estate! Whether it’s securing a new investment or planning your summer getaway, we’ve got the intel you need. Let’s make this summer a productive one!

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

8 Family Resorts and Waterparks Worth a Summer Road Trip 🌊🏞️

Fantastic resorts and waterparks near Austin: Kalahari Resort in Round Rock with its massive indoor waterpark, and Horseshoe Bay Resort featuring a unique floating pool. These destinations offer exciting amenities and activities perfect for a summer getaway.

Austin home prices jumped 87 percent in 10 years, report reveals

A new real estate report confirms something that Austinites pretty much already knew: The city of Austin saw a significant increase in housing prices among U.S. cities within the last decade, with median home prices skyrocketing up to 87 percent.

This Weeks New Listings

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Residential Market Update

New Listings Surge, Market Stabilizes in May

The official MLS stats are out for May 2024. The Central Texas housing market saw a substantial rise in new home listings, increasing by 40.3% in Austin, 16.3% in Travis County, and 21.4% in Hays County compared to last year. This growth has led to higher inventory levels, indicating a healthier and more robust market. Homeowners are confident in their property's value, and buyers benefit from a broader selection of homes, stabilizing price growth. The data highlights advantages for first-time homebuyers, with more affordable options becoming available. Despite minor fluctuations in various metrics across different areas within the MSA, overall market conditions remain favorable, offering exciting opportunities for both buyers and sellers.

City of Austin

$608,438– Median price, 11.6% more than May 2023.
1,038– Closed sales, 2.4% more than May 2023.
2,021– New listings, 40.3% more than May 2023.
4,740– Active listings, 85.3% more than May 2023.
973– Pending sales, 6.3% more than May 2023.
6.2– Inventory, 2.7 more than May 2023.

Travis County

$555,000– Median price, 4.7% more than May 2023.
1,308– Closed sales, 18.8% less than May 2023.
2,611– New listings, 16.3% more than May 2023.
6,276– Active listings, 46.9% more than May 2023.
1,310– Pending sales, 9.5% less than May 2023.
5.6– Inventory, 2.0 more than May 2023.

Williamson County

$435,000– Median price, 0.5% less than May 2023.
1,000– Closed sales, 11.3% less than May 2023.
1,622– New listings, 17.7% more than May 2023.
3,375– Active listings, 34.8% more than May 2023.
1,007– Pending sales, 1.4% less than May 2023.
3.9– Inventory, 1.2 more than May 2023.

Insights into the Austin MSA Real Estate Market

Buyers: In May 2024, the Austin-Round Rock MSA saw a notable boost in sales, with closed listings up by 2.4%. The median home price surged by 11.6% to $608,438, reflecting strong confidence among both buyers and sellers. The rise in affordable inventory, particularly in the $300K - $400K range, is enabling more first-time buyers to enter the market. Although mortgage rates remain high, there's a possibility of a gradual decrease, which would enhance buyers' purchasing power. Increased inventory and stable prices present excellent investment opportunities.

Sellers: May 2024 offered a competitive landscape for sellers in the MSA, with new listings up by 40.3% and active listings soaring by 85.3%. The average close-to-list price improved to 95.6%, indicating homes are selling closer to asking prices. Timing your listing during peak demand periods can attract more buyers but also brings increased competition. Balanced market conditions mean the market isn't skewed towards sellers, yet there's still potential to capitalize on heightened buyer activity. Competitive pricing and standout presentation are crucial for a successful sale.

Central Texas Real Estate Report

Hays County

$389,850– Median price, 2.5% less than May 2023.
466– Closed sales, 2.4% more than May 2023.
733– New listings, 21.4% more than May 2023.
1,800– Active listings, 27.2% more than May 2023.
464– Pending sales, 17.8% more than May 2023.
4.9– Inventory, 1.1 more than May 2023.

Bastrop County

$349,995– Median price, 5.4% less than May 2023.
138– Closed sales, 9.8% less than May 2023.
216– New listings, 1.4% less than May 2023.
633– Active listings, 15.7% more than May 2023.
116– Pending sales, 8.7% less than May 2023.
5.5– Inventory, 1.0 more than May 2023.

Caldwell County

$281,990– Median price, 4.9% less than May 2023.
56– Closed sales, flat to May 2023.
61– New listings, flat to May 2023.
128– Active listings, 0.8% less than May 2023.
69– Pending sales, 35.3% more than May 2023.
3.0– Inventory, 0.1 less than May 2023.

The Rate Update: According to NerdWallet rate forcast, we might see some interesting shifts in mortgage rates soon. With the Federal Reserve potentially pausing rate hikes, there's hope for some relief in borrowing costs. While rates have been unpredictable, the consensus is that we could see them stabilize or even dip slightly towards the end of the year. This could open up some great opportunities for buyers and refinancers alike, so keep an eye on the market and be ready to jump when the time is right!

TODAYS RATES

New Listing Activity

Market & Investor Insights

Rising Multifamily Opportunities? 🏢💰

Freddie Mac predicts better investment opportunities in the multifamily sector. Factors like shifting demographics, urbanization, and economic stability contribute to this optimistic outlook. Investors are encouraged to explore multifamily properties as a viable investment option.

2024 DSCR Loan Rates and How to Track 💵

Debt Service Coverage Ratio (DSCR) loans are crucial for real estate investors. Check out the latest DSCR loan rates for 2024 and how to effectively track them. Staying informed on these rates can help investors make decisions and optimize their investments.