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The Greatest Gift You Can Give Yourself

LISTING AS A PRIVATE EXCLUSIVE: The Greatest Gift You Can Give Yourself Are you considering selling your home in the new year? While many sellers think the holidays would signal a quiet market, the end of the year can present buyers with the time and flexibility to invest in their search. With Compass Private Exclusives, you can start generating buzz with minimal involvement on your part so that you’re able to fully enjoy the season with your family and friends. What’s a Compass Private Exclusive? These listings are only visible to Compass agents and their serious clients, giving us time to pre-market your upcoming home sale while giving prospective buyers an opportunity to prepare a competitive offer. The best part? They don’t accumulate days on market or show public price history. Discover the Many Benefits No Days on Market Private Exclusives don’t accrue days on market, unlike public listings on the MLS. This allows you to generate buyer demand off the record without risking the negative impact from public days on market No Public Price Drop History Public listings display any and all decreases made to the asking price, which can work against us in negotiations. As a Private Exclusive, there is no record of any adjustments that we may make based on buyer response. Build Buyer Demand Just like a movie trailer, listing your home first as a Private Exclusive allows you to build anticipation and demand with a private audience of Compass agents and their buyers, extending your marketing runway before going public. Soft Launch Before Being Market Ready Private Exclusives allow you to soft launch your home and market it to prospective buyers working with Compass agents prior to investing the time or effort into preparing it for the public. Optimize Your Strategy Before Launch Get insights on how Compass agents and their buyers are engaging with your listing—viewing, commenting, and sharing—so you can refine your strategy before the public launch, setting the stage for a more efficient and profitable sale. Maximize Privacy Private Exclusives ensures that your property's information, photos and floor plans are only shared with Compass agents and their serious clients — all the more appreciated during the holiday season.
November 15th - November 17th | The Austin Weekender

The Weekender November 15th - November 17th Blue Genie Art Bazaar - All weekend long | 10:00 AM Discover unique, handmade treasures at the Blue Genie Art Bazaar this weekend, showcasing jewelry, artwork, home decor, and gifts crafted by over 200 talented regional artists. Perfect for finding one-of-a-kind holiday gifts, this beloved event celebrates creativity and supports local artisans. Learn more here! Live Music Fridays at Ghost Note Brewing - Friday, November 15th | 6:00 PM Join Fallon Franklin at Ghost Note Brewing in Dripping Springs this weekend for live music under the oaks. They’ll serve finely crafted beer along with local wine and cider. More information here! Hike for Hunger - Saturday, November 16th | 9:00 AM The Round Rock Police Department and U.S. Army are partnering for the 2024 Hike for Hunger Food Drive, a two-mile walk from Sky Ridge Plaza to the Round Rock Area Serving Center. Guests are invited to bring bags of nonperishable food to support low-income families. Click here to learn more! ACL Live presents Giggly Squad Live - Saturday, November 16th | 7:30 PM Paige DeSorbo and Hannah Berner bring their podcast, Giggly Squad, on the road with their new show, Club Giggly. The comedic duo will make fun of everything and get the crowd involved like they've never been able to before. Get your tickets here! Mariah Carey in Austin - Sunday, November 17th | 7:30 PM Mariah Carey comes to Austin as part of the Mariah Carey’s Christmas Time tour. The tour will celebrate the 30th anniversary of her 1994 album Merry Christmas and its iconic single, "All I Want For Christmas Is You." The show will feature Carey's holiday classics alongside fan-favorite chart-toppers. Purchase tickets here!
AUSTIN Real Estate Market Report | October 2024

Your October 2024 Market Report Read below to learn what is happening in the Austin real estate market right now. October saw a neutral market. Not hot, not cold – just steady. Click below to view the full October Market Report. View Full Report Here’s What You Need to Know Market Mood October saw a neutral market. Not hot, not cold – just steady. We are experiencing an uptick in curiosity and activity from would-be buyers and sellers, indicating an active start to the new year and equal competition among buyers and sellers. Homes on Deck Total listings dipped 5.9%, bringing the count to 2,994. October added 881 new listings to the market, a 1.7% increase year-over-year. 4.8 Months of Inventory There’s a balance – not a clear edge for buyers or sellers. Sales Pulse 578 homes sold in October, a slight increase from last month, but a slight decline year-over-year at 3.8%. Buyer activity was up significanly with 644 new contracts, a 28% incrase from last year. Price Tag Trends Average Sales Price is up 1.4% to $820,142 New Contracts Written: 644, ranging from $192,500 to $6,350,000 Median List Price U/C = $615,000 Average List Price U/C = $822,666 Average List Price: From $175,000 to $19,500,000 Median List Price = $649,950 Average List Price = $1,152,631 Buyer and Seller Clues Homes took an average of 81 days to sell, stretching out by 15.7% compared to last month. The Average Sold Price to Original List Price Ratio is a steady 91%. Sellers are negotiating but have held firm at 90% to 91% for the last three months. All in all, we’re in a balanced spot. The numbers hint at cautious buyers and steady sellers, keeping the market cruising without too much sway in either direction. We expect normal fall/winter activity, fewer listings, and fewer sales. We are working with many soon-to-be buyers and sellers, preparing to hit the January with force. Price Reductions & Days on Market We analyzed two key metrics, % Discount List Price and Average Days on Market, every quarter from 2022 to 2024. Here’s what we found: Q3 2022: 4.5% discount, 25.2 days on market Q3 2023: 6.5% discount, 47.4 days on market Q3 2024: 7.1% discount, 55.7 days on market Price reductions, in some cases, are not accelerating sales which speaks that there is a need for more accurate home pricing altogether. Average Days on Market Sold Price to Original List Price % The Average Days on Market shows how many days the average property is on the market before it sells. An upward trend in DOM indicates a move toward a Buyer’s market. The Sold Price vs. Original List Price reveals the average amount that sellers are agreeing to come down from their original list price. The lower the ratio is below 100%, the more of a Buyer’s market exists. Monthly Supply of Inventory Real estate economists tell us a six-month supply of For Sale Inventory represents a balanced market between sellers and buyers. Over six months of For Sale inventory indicates a Buyer’s market. Less than six months of inventory indicates a Seller’s market. New Listing Taken | New Under Contracts Inventory Snapshot Active Listings = 2,781 Median List Price = $649,950 Average List Price = $1,152,631 From $175,000 to $19,500,000 New Under Contracts Snapshot New Under Contracts Written = 644 Median List Price UCW = $615,000 Average List Price UCW = $822,666 From $192,500 to $6,350,000 #1 Brokerage in Austin #1 Brokerage by Total Sales in Units Across the State of Texas #1 Brokerage by Total Sales in Volume Across the State of Texas #1 Brokerage by Total Sales in Volume in the City of Austin #1 Luxury Brokerage in the City of Austin in Home Sales over $1M $4.7B Total Sales Volume Year-To-Date 1/1/2024 - 10/3/2024 9,320 Total Transactions Year-To-Date 1/1/2024 - 10/3/2024 1,376 Principal Agents and Team Members Compass Market Share By Price Sold Single Family Property View Full Report
Fed's Rate Cut Sparks Debate: What It Means for Mortgage Rates and the Housing Market

Yesterday's 0.25% interest rate reduction by the Federal Reserve has ignited widespread discussion about its potential effects on the real estate market. Although changes in the Fed's rates typically attract attention, this specific cut is not expected to cause immediate or significant shifts in mortgage rates. Let's delve into the real factors at play and what this decision could mean for the real estate market moving forward. Despite the headlines, the 0.25% rate cut by the Federal Reserve isn't anticipated to drastically alter mortgage rates. This is largely because financial markets had already predicted this rate cut, meaning current mortgage rates have already factored it in. Additionally, mortgage rates are more closely linked to long-term indicators, such as the 10-year Treasury yield, rather than the Fed's short-term rate adjustments. With strong employment figures and ongoing inflation concerns, there is likely to be continued upward pressure on mortgage rates, even with this rate cut. Looking ahead to 2025, early predictions suggest a slight decrease in mortgage rates, though they are unlikely to return to pre-pandemic levels. For instance, Fannie Mae estimates rates will hover around 5.9% in the first quarter, while the Mortgage Bankers Association forecasts rates to be approximately 6.2%. Some analysts even foresee rates reaching 6.6%, depending on inflation trends and the market's reaction to Fed policy changes. As we consider scenarios for the end of the year, the uncertainty surrounding inflation and economic growth presents several possibilities. In an optimistic scenario, rates could fall to the low 5% range if inflation decreases rapidly and growth slows, potentially requiring further Fed rate cuts or a mild recession. Conversely, if inflation persists or growth remains strong, rates may stay above 6% or even rise, especially with possible geopolitical or economic shocks. The most likely scenario, however, sees rates settling between 5.6% and 6.2% by the end of the year, assuming gradual Fed rate cuts, moderate inflation, and steady growth. Even a modest decrease in rates could sustain buyer interest, but limited inventory might keep competition high. Homeowners with low-rate mortgages are less inclined to sell, maintaining a limited supply. This could lead to increased demand in areas with more affordable prices or new construction. While slightly lower rates may encourage some activity, current prices will still pose challenges for many buyers unless rates or home prices decrease further. Although the rate cut suggests easing, several risk factors remain. Persistent inflation could lead the Fed to reconsider additional rate cuts, and the move indicates potentially weaker growth, which could impact consumer confidence in the housing market. Affordability challenges continue to loom, posing potential concerns on the horizon.
November 8th - November 10th | The Austin Weekender

The Weekender is your ultimate guide to making the most of your weekend in fabulous Austin, TX! Dive into a variety of Austin events and activities that promise to keep you entertained from Friday night through Sunday evening. Whether you're looking for family-friendly festivals, outdoor adventures, live music performances, or gourmet food markets, we've got you covered. Stay tuned for detailed information on the hottest happenings in town, exclusive tips on must-visit spots, and insider recommendations to ensure your weekend is nothing short of spectacular. Read on for more information on local events and activities happening all weekend long! Harry Potter: A Forbidden Forest Experience - All weekend long | Times vary Step into an enchanting journey through a spell-lit woodland trail filled with magical creatures, iconic moments, and interactive wizardry from the Harry Potter and Fantastic Beasts films. Ready your wand, capture unforgettable memories, and immerse yourself in a breathtaking forest adventure. Click here to purchase tickets! Meanwhile Brewing’s Anniversary - Friday, November 8th | 7:00 PM Meanwhile Brewing is celebrating their fourth anniversary this weekend. With food pop-ups, special collabs with our incredible food trucks, free live music featuring some of the best local bands, vendor markets, and more, this weekend has something for everyone. Learn more here! Holiday Bazaar Arts and Crafts Show - Saturday, November 9th | 9:00 AM The City of Round Rock’s Clay Madsen Recreation Center invites you to their annual Rockin’ Around the Holidays Bazaar. Admission is free but please bring a canned food item or boxes of colorful Band-Aids for the Children’s hospital. More information here! Texas Woodworking Festival - Saturday, November 9th & Sunday, November 10th | 9:00 AM The Texas Woodworking Festival brings together woodworking machines, lumber yards, furniture makers, and tool manufacturers for a weekend of food, drinks and all things woodworking. Guests can purchase tools, take woodworking classes, network with industry experts, or just explore the booths and exhibitors. Get your tickets here! Live Music Under the Oaks - Sunday, November 10th | 2:00 PM Join Vista Brewing in Dripping Springs for a Sunday funday with free local music under the oaks from 2 - 4 PM during their all-day Sunday Brunch. Their beer garden stage is nestled at the roots of a 500-year-old heritage live oak tree with plenty of space to hang out and enjoy the serene Texas Hill Country. Learn more here!
What is a Compass Private Exclusive?

In today’s competitive real estate market, sellers are constantly looking for innovative strategies to attract buyers while maximizing their property’s value. One such strategy gaining traction is the concept of Compass Private Exclusives. These off-market listings provide a unique opportunity for sellers to test the waters without fully committing to a traditional listing. Here, we explore the benefits of this approach, including how it allows sellers to quickly gauge their property’s price without risk, conduct a soft launch before being market-ready, and generate buzz among serious buyers. Quickly Test Your Price Without Risk One of the most significant advantages of utilizing Compass Private Exclusives is the ability to test your asking price without the pressure of an open market listing. When you list a property traditionally, you’re exposed to public scrutiny and immediate feedback from potential buyers. This can lead to stress and anxiety if your home doesn’t attract interest or if offers come in lower than expected. With Private Exclusives, you can present your property exclusively to Compass agents and their serious buyers. This controlled environment allows you to gauge interest and receive feedback on your pricing strategy without the risk of public failure. If you find that the interest is high and offers are competitive, you can confidently adjust your pricing or prepare for a full market launch. Conversely, if feedback indicates that your price may be too high, you have the opportunity to make adjustments before going public. Soft Launch Before Being Market-Ready Another compelling aspect of Compass Private Exclusives is the soft launch feature. Many homeowners may not feel entirely prepared for a full-scale marketing campaign due to ongoing renovations or personal circumstances. A Private Exclusive provides a perfect solution by allowing sellers to showcase their properties while they finalize preparations. During this soft launch phase, sellers can work with their Compass agent to create an appealing presentation of their home while still making necessary improvements. This period allows for strategic marketing efforts targeted at serious buyers who are already engaged with Compass agents. As a result, sellers can build anticipation and interest in their property before officially entering the market. This approach also enables sellers to gather valuable insights about what potential buyers are looking for in terms of features and amenities. By understanding buyer preferences during this soft launch phase, sellers can make informed decisions about any last-minute changes that could enhance their property’s appeal. Generate Buzz Generating buzz is crucial in real estate can significantly impact how quickly a home sells and at what price point. With Compass Private Exclusives, you can create excitement around your listing even before it hits the broader market. By leveraging the network of Compass agents and their serious buyers, you gain access to a pool of motivated individuals who are already interested in making a purchase. This pre-market exposure allows you to generate interest and potentially receive offers before your property is officially listed, giving you a competitive edge. Additionally, Compass agents are equipped with advanced marketing tools and strategies to highlight the unique features of your home, ensuring that it stands out to prospective buyers. This early buzz not only accelerates the selling process but also helps in achieving a higher price point by creating a sense of urgency and exclusivity. Launch Your Listing Twice Private Exclusive creates two separate opportunities to launch your property: first on Compass.com, and then later when the listing goes live on the MLS and aggregate sites. This dual-phase approach allows for a strategic and measured introduction of your property to the market. Initially, by showcasing your home on Compass.com, you can attract a targeted audience of potential buyers who are already engaged with the platform. This exclusive preview generates buzz and interest while maintaining a level of privacy and control over the listing process. Subsequently, when the time is right, your property is then introduced to a broader audience through the MLS and various aggregate sites. This second phase ensures maximum exposure and reach, tapping into a wider pool of prospective buyers. By staggering the launch in this manner, you can optimize visibility and engagement at each stage, ultimately enhancing the chances of a successful sale. The Private Exclusive strategy thus combines exclusivity with comprehensive market penetration, offering a balanced and effective approach to selling your property. Maintain Your Privacy Your privacy is valuable. Private Exclusives ensures that photos and floorplans of your home are only shared with Compass agents and their serious clients - details are not visible on public home search websites.
Appeal 2024 County Appraisal Values

2024 APPRAISAL NOTICES ON THEIR WAY TO PROPERTY OWNERS As we approach April, many counties across Texas are preparing to release their 2024 appraisal values, and it's anticipated that many of these values will be exceptionally high. If you've purchased a primary residence in the past few years, it's crucial to ensure that you establish your Homestead Exemption. The good news is that you no longer have to wait until January 1st to file for your homestead exemption; you can now file it the day after you close on your property. It's important to note that the homestead exemption is only available to owner-occupant properties and not investor properties. Be sure to check your appraisal values to determine if you should file a protest. You can find specific information for your county below, including links that can also inform you if your Homestead Exemption has been created. Travis County Williamson County Hays County Bastrop County If you're considering protesting your taxes independently, please reach out to me! I can provide you with comparable sold properties within your area to aid in the process. Alternatively, there are companies that can assist you in launching protests on your appraisal values. Consider exploring the following options: 5 Stone - fivestonetax.com Ownwell - ownwell.com Texas Protax - texasprotax.com Texas Tax Protest - texastaxprotest.com Discount Property Taxes - discountpropertytaxes.com Despite the market decline over the last two years, many county-assessed property values have increased. It's crucial to monitor your appraisal value not only in the year following your home purchase but annually, and to file a protest if you disagree with the assessed value.
Compass Update 3-5-24

DID YOU KNOW? * Home Insurance rates are rising....not just in a few US states. The wildfires in Texas and Oklahoma highlight how many areas in the world are seeing a higher occurrence of more extreme weather property damage combined with higher replacement costs.... Aziz Sunderji addresses this topic here. * The regulations for squatters rights vary from state to state, but all 50 states have them. The major difference in these laws is the timeline for how long an occupant must have resided there before they claim the rights to the property. Professional agents should know their local laws and alert their clients who keep properties unoccupied for extended periods of time how to protect themselves from what can become a costly and lengthy battle. * A friend of mine has created a new form of vacationing campsite-style experience.....The DOMES AT CATSKILLS.....glamping in the Catskill Mountains, about 90 minutes from Manhattan. Many country homes include 'glamping' moments within their properties. * Is a Whole Foods Market Daily Shop coming to your hood? These new, smaller Whole Foods will range between 7,000 -14,000sf – a fraction of Whole Foods stores, which average about 40,000sf. The first one comes to the Upper East Side in NYC where 5 leases have already been signed. “The market is way weighted to a very soft landing. And when you look at the pattern of facts the last three or four years, it’s hard for me to see it’s going to be that simple,” - David Solomon, Goldman Sachs * Chicago is proceeding with a revamp of empty downtown office buildings initially estimated at $1 billion in an effort to counter a commercial real estate crisis that’s cut office sale prices by more than 50%. Adding new home inventory via conversions is part of the great rebalancing in all things real estate. (Bloomberg) “When times get tough, when income dwindles and interest rates spike, fashion often shakes off its blinkers and realises that people who spend money tend to want to look like they do.” - Alexander Fury (FT), speaking to a new trend that is the exact opposite of quiet luxury....."mob wife" luxury. * Annual Ozempic in the US costs about 10 times what it does in Britain, Australia or France. In Denmark - the home country of Ozempic producer Novo Nordisk - the cost of the drug is under $3,500 a year, roughly 25% of the US..... THIN-flation?? * The inventory of houses for sale in Austin and the number of houses that sold both increased significantly in January. In addition, national home price forecasts for 2024 have now been adjusted higher, and suddenly, the housing market is starting to look hotter. According to data provided to Business Insider by Realty Austin, powered by COMPASS, the number of new listings for houses in the Austin-Round Rock area increased by 56% in January compared to December and 5.1% compared to the same period in 2023. In addition, the demand for houses appears to be surging, with sales up 19% compared to the previous month and 4.3% compared to the first month of 2023. * Post Brothers CEO and co-founder Michael Pestronk highlighted the real estate opportunity brewing in urban areas as some Americans are opting to rent instead of buying a home. The "Forever Renter" is something happening on the higher end for those who could easily afford to buy but choose not to....Shark Tank's Barbara Corcoran recently said your second home should be one that you rent out.....yes, those who are promoting the rent forever narrative are also.....the beneficiaries: landlords! ($8,000/month in rent equates to $5,75 million over 60 years assuming rents never rise.....)
How to Protest your Appraised Value

Property tax appraisals for the current year's taxable values are issued in the spring in all counties. Here are a few tips to understand your statement and how to file a protest if you disagree with the value assigned to your property. When you receive your Notice of Appraised Value: Verify that the appraisal is for the correct property and make sure that any exemption you are eligible for (i.e. homestead, over 65, etc.) is included If you believe the value assigned to your property is higher than what the market in your neighborhood would bear, you do have the option of protesting that value and asking the appraisal district to lower it, based on evidence provided. I personally recommend hiring a company like Five Stone or Ownwell to take care of this for you. NOTE: Your local appraiser is required to appraise property at market value as of January 1st, so your appraisal should reflect the value of the property at that time. The appraiser has generally applied mass appraisal criteria based on the individual characteristics of your property, and in most cases has not done a physical inspection of your property. How to Protest your Appraised Value: Protest may be filed in writing or online. (Check with your county appraisal district via the links below for the best way to file.) File your notice of protest by May 15 or no later than 30 days after the date of the Notice of Appraised Value, whichever date is later. Be aware that the deadline is 30 days after the date of the notice, not from the time you receive it. If you don’t file a notice of protest before the Appraisal Review Board approves the appraisal record, you lose your right to protest or file a lawsuit about the taxable value of your property. Homeowners wishing to protest should contact their local appraisal district office to confirm their interpretation of this time line. Provide information to support your protest. IF it supports the value you are attempting to lower your apparisal to, you might provide your closing statement from your home purchase, a copy of the purchase contract, any appraisals, engineer’s reports, etc. to the board when protesting your value. Photos of defects on the property are also helpful. Who decides? The Appraisal district board (ARB) is an independent board of citizens that hears property owner protest. It has the power to order the Appraisal District to make changes. If you file a written protest before the deadline, your case will be scheduled for a hearing where you will talk to one or more members of the ARB. The ARB has several options: grant your request, refer you to a hearing of the entire board, schedule a physical inspection of your property, or deny your request. If you are denied, you have the option of filing a lawsuit against the Appraisal District. Travis County Williamson County Hays County Bastrop County
Austin MSA housing market continues to normalize; REALTORS® report recent uptick in activity

In January, median home prices dropped 6.3% to $450,000, the largest price drop since July 2011, according to the Austin Board of REALTORS® latest Central Texas Housing Report. Despite the price decrease, monthly housing inventory stayed flat at 2.7 months of inventory from December 2022, demonstrating that this market is still in need of more housing as the industry standard is that six months of available inventory is considered a balanced market between buyers and sellers. “January’s data demonstrates the Austin-Round Rock MSA market is continuing to find a post-pandemic normal.” Ashley Jackson, 2023 ABoR president, said. “As we compare the market today to what was an abnormal market in the previous three years, looking at the year-over-year numbers needs the added context of comparing trends month-to-month. Without this context, the year-over-year data may not be as informative as the market continues to adjust.” In January, residential home sales declined 27.3% year-over-year to 1,634 closed sales and sales dollar volume declined 29.1% to $917,954,115. New listings dropped 16% year-over-year to 2,988 listings while pending listings dropped 16.7% to 2,581 transactions. Monthly housing inventory increased 2.3 months to 2.7 months of inventory, and homes spent an average of 76 days on the market, up 47 days from January 2022, but only up three days from December 2022. When looking at the added context of month-to-month changes from December 2022 to January 2023, in addition to a modest change in days on market, new listings increased 63.4% to 2,988 month-to-month. This demonstrates that sellers see opportunity in this market. At the same time, buyers also were more active in January 2023 compared to December 2022 as pending listings increased 32.4% to 2,581. “It is important to remember that when we compare year-over-year, we are currently comparing to an abnormal time in our market. As we reset our expectations to reflect the information our REALTOR® experts are seeing in real-time, we need to look at month-to-month trends to have a true sense of what is going on in the region. REALTORS® are seeing an uptick in activity from December 2022 to January 2023, and that is reflected in the new and pending listing trends month-to-month.” Jackson added that while prices decreased in the City of Austin, Travis County and the MSA, surrounding Central Texas areas are experiencing an uptick in median home prices. “Outlying areas like Caldwell and Hays counties are the most affordable pockets in Central Texas. When we have a city like Austin challenged by affordability, the entry point in surrounding areas will slightly increase as people try and find neighborhoods they can afford. These outer county data sets are reflective of affordability disappearing from Austin and closer-in suburbs hence why buyers are moving further out in Central Texas. Jackson also noted that rising interest rates and affordable housing will be the major drivers challenging consumers this year and emphasized the importance of local experts. “Housing affordability woes combined with higher interest rates play an outsized role in market activity. There is no national real estate market. Consumers need to follow local REALTORS® and local news while taking sensational headlines and reports with many grains of salt. Now more than ever, it is important for buyers and sellers alike to work with a REALTOR® who best understands how to navigate the changing landscape of our real estate market.” City of Austin In January, home sales decreased 37.3% to 439 sales, while sales dollar volume decreased 35.0% to $295,909,860. At the same time, median price slightly decreased 4.6% to $525,000 for the City of Austin. Last month, new listings ticked up 13.0% to 886 listings, active listings skyrocketed 387.5% to 1,760 listings as pending sales declined by 26.0% to 678 pending sales. Monthly housing inventory increased 1.9 months year over year to 2.2 months of inventory. Travis County In Travis County, home sales decreased 31.7% to 749 sales, while sales dollar volume decreased 31.3% to $492,893,906. Last month, the median price in Travis County slightly dipped 5.9% year over year to $499,274, while new listings increased 17.0% to 1,410 listings and active listings ballooned 421.9% to 3,116 listings year over year. Pending sales declined 22.3% to 1,130 pending sales as monthly housing inventory increased 2.0 months year over year to 2.4 months of inventory. Williamson County January home sales decreased 26.2% to 556 sales in Williamson County. Sales dollar volume declined 28.8% year over year to $269,359,523. The median price slightly decreased 4.9% to $437,500 as new listings ticked up 6.8% to 892 listings. During the same period, active listings soared 654.1% to 2,383 listings while pending sales dropped 11.4% to 909 pending sales. Housing inventory rose 2.2 months to 2.5 months of inventory. Hays County In Hays County, January home sales decreased 11.9% to 245 sales and sales dollar volume also dropped 16.7% to $123,838,974. The median price for homes rose 7.3% to $427,665. During the same period, new listings increased 38.4% to 447 listings, while active listings skyrocketed by 398.7% to 1,192 listings. Pending sales slightly decreased 10.1% to 372 pending sales as housing inventory jumped by 2.7 months to 3.3 months of inventory. Bastrop County Last month, Bastrop County home sales decreased 35.7% year over year to 63 sales, while sales dollar volume also fell by 39.2% to $24,904,074. Median price decreased 7.9% to $350,000 as new listings ticked up 5.2% to 163 listings. Active listings soared 319.3% to 499 listings as pending sales decreased 20.8% to 122 pending sales. Housing inventory increased by 3.2 months to 4.1 months of inventory, the highest level of inventory across the MSA in January. Caldwell County In Caldwell County, home sales decreased 4.6% year over year to 21 sales, and sales dollar volume also dropped 20.0% to $6,458,267. The median home price slightly rose 0.6% year over year to $316,750. At the same time, new listings increased by 31.0% to 76 listings as active listings skyrocketed 315.6% to 133 listings. Pending sales decreased 7.7% to 48 pending sales, and housing inventory increased 2.1 months to 3.1 months of inventory. For more information or to download the January 2023 Central Texas Housing Market Report, visit ABoR.com/MarketStatistics.
CENTRAL TEXAS HOUSING MARKET SET PRICE RECORDS, SHIFTED TOWARDS BUYERS IN 2022

In 2022, the median price for a home in the Austin-Round Rock MSA set a new annual record of $503,000, according to the December 2022 and Year-End Central Texas Housing Market Report released by the Austin Board of REALTORS®. Despite this record, the housing market continued shifting towards buyers as home sales declined 18.3% to 33,547 homes sold last year and inventory increased, with homes on the market for 31 days, 11 days more than in 2021. “After two years of unprecedented demand, activity and price increases, our housing market began to stabilize in 2022,” Ashley Jackson, 2023 ABoR president, said. “Signs point to that trend continuing in 2023 even as interest rates fluctuate, so buyers need to date the rate and marry the house. Bidding wars have subdued as homes on average sold for only less than the original listing price in 2022, but as we head into what is normally a seasonal peak for sales, today will still be the most cost-effective time to buy a house. It is important to remember that we still have a desirable and sought-after market, it is just that now we are seeing our market return to a more normal level of high demand and activity than what we experienced in the years leading up to the COVID pandemic and subsequent boom in our market.” In 2022, the median price in the MSA rose 11.4% to $503,000. Sales dollar volume dipped 9.8% to yield a $21,018,159,929 impact on the Austin-area economy. New listings stayed flat, and the year ended with 45,949 homes listed as pending sales dropped 24.2% to 31,633 homes. In the month of December, closed listings across the MSA declined 31.5% to 2,435 year-over-year as sales dollar volume decreased 36.1% to $1,357,155,494. Median sales price dropped 3.7% to $457,426. New listings declined 15.1% to 1,828 listings, active listings skyrocketed 275.4% to 7,493 listings, and pending sales dropped 22.8% in December to 1,949 sales. Last month, homes spent an average of 73 days on the market, 47 more compared to December 2021. “December tells us a lot about how the market has shifted and started to rebalance as there was a sales price drop and a staggering increase in how long homes take to sell. If you are interested in purchasing a home, now is a great time to work with a REALTORⓇ to find something that works for you and your budget.” Mark Sprague, state director of information capital for Independence Title, pointed out that economic factors, including increasing construction costs, supply chain and labor issues that could take years to return to normal, could cause inventory to fall in the coming year. “Even with the inventory gains made in 2022, our region still needs more housing. This need could be exacerbated as builders and developers continue to recover after overextending themselves nationally and increasing interest rates lessen people’s buying power. We could see 15-20% less inventory in 2023 as builders scale back their housing starts.” Affordability will continue to be a major issue in the year ahead, particularly as interest rates impact people’s budgets and companies continue to create jobs across the region. “Every time interest rates increase buyers lose 12% of their purchasing power. By this summer, if rates increase by one 1.5 basis points as expected, buyers will have 72% less buying power than they did at the beginning of 2022. With Austin’s unique attraction as a magnet for job creation, we should continue to expect employment growth for several years to come, which is positive. However, when combined with expected lower levels of inventory and higher interest rates, affordability concerns will continue to be a factor in real estate transactions at the micro and macro levels.”Jackson added that with elections over, now is the time to make meaningful and lasting changes to our region’s approach to housing. “Now more than ever is the time for local elected officials to prioritize housing and take bold actions to help increase our region’s housing stock,” Jackson said. “Communities across Central Texas must come together to meet the challenge of housing our rapidly growing population by collectively finding ways to increase the abundance and variety of housing. If we work together, we can change the trajectory we’re on by crafting housing policies that address housing access, availability, and affordability and create a more inclusive housing market.” City of Austin In 2022, residential home sales in the City of Austin decreased 25.1% to 10,014 sales, as sales dollar volume dipped 17.0% to $7,324,437,024. The median sales price for residential homes rose 10.3% year over year to $590,000 this past year, an all-time annual record. New listings slightly decreased 6.4% to 13,978 listings while active listings rose significantly by 103.6% to 1,586 listings, and pending sales decreased 29.2% to 9,574 pending sales. In December 2022, the median sales price in the city of Austin dipped 4.5% to $525,250. Residential sales decreased 47.4% to 593 sales, and sales dollar volume also decreased 49.7% to $390,054,396. During the same period, new listings dropped 24.2% to 488 listings, while active listings increased 227.8% to 1,780 listings, and pending sales fell 31.9% to 539 pending sales. Monthly housing inventory increased 1.6 months year over year to 2.1 months of inventory. Travis County During 2022, residential home sales decreased 23.8% to 15,705 sales, while sales dollar volume dipped 16.1% to $11,556,938,031. The median price for residential homes increased 10.6% year over year to $575,000. This past year, new listings decreased 3.6% to 22,105 listings, active listings rose 121.9% to 2,718 listings and pending sales decreased 27.9% to 14,919 pending sales. In December 2022, residential home sales decreased 44.9% to 984 sales as sales dollar volume in Travis County dipped 47.8% to $649,319,748. Additionally, the median price decreased 2.8% year over year to $520,000. During the same period, new listings declined 16.5% to 825 listings, while active listings ballooned 250.6% to 3,166 listings and pending sales decreased 27.6% to 873 pending sales. Monthly housing inventory rose 1.9 months year over year to 2.4 months of inventory. Williamson County In 2022 in Williamson County, home sales decreased 17.7% to 11,432 sales, and sales dollar volume dipped 6.5% to $6,112,373,708. The median price for homes increased 12.7% to $479,204. New listings ticked down 1.3% to 15,280 listings and active listings rose 209.6% to 1,941 listings in 2022. However, pending sales decreased 25.5% to 10,657 pending sales. During the month of December, residential sales in Williamson County decreased 21.9% to 927 sales, and sales dollar volume decreased 21.3% to $464,228,556. The median price dipped 0.4% to $439,250. In December, new listings decreased 22.1% to 595 listings, while active listings skyrocketed 374.7% to 2,549 listings. Pending sales dropped 22.7% to 676 pending sales. Housing inventory increased 2.2 months year over year to 2.7 months of inventory. Hays County During 2022, Hays County home sales decreased 4.6% to 4,403 sales, and sales dollar volume rose 8.8% to $2,500,400,735. The median price for homes increased 15.8% to $440,000. This past year, new listings increased 4.6% to 5,661 listings, while active listings increased 179.3% to 835 listings compared to 2021. Pending sales fell 13.8% to 4,140 pending sales. December 2022 home sales in Hays County dropped 8.0% to 366 sales, and sales dollar volume decreased 14.9% to $182,413,098. The median price for homes increased 5.5% to $427,700. During the same period, new listings dipped 13.7% to 253 listings, while active listings rose 212.2% to 1,155 listings. However, pending sales decreased 4.4% to 308 pending sales. Housing inventory more than doubled, increasing by 2.1 months to 3.1 months of inventory. Bastrop County In 2022 in Bastrop County, home sales decreased 4.9% to 1,499 sales, and sales dollar volume rose 15.2% to $663,109,837. The median price for homes increased 22.8% to $395,900. New listings increased 30.4% to 2,226 listings while active listings also rose 175.8% to 331 listings. However, pending sales dipped 10.3% to 1,409 pending sales. In December, Bastrop County home sales dropped 16.8% to 119 sales, and sales dollar volume decreased 24.5% to $48,073,981. The median price for residential homes decreased 4.3% to $360,000. During the same period, new listings increased 35.2% to 119 listings, while active listings also rose 248.0% to 508 listings. Pending sales fell 30.9% to 65 pending sales. Housing inventory tripled by 3.0 months to 4.1 months of inventory. Caldwell County Last year in Caldwell County, the median price increased 24.6% year over year to $335,000. Residential home sales increased 33.7% to 508 sales, and sales dollar volume jumped 49.8% to $182,394,532. New listings increased 56.0% to 677 listings and active listings rose 102.7% to 75 listings. At the same time, pending sales jumped 29.9% to 508 pending sales in 2022. In Caldwell County, December home sales increased 2.6% to 39 sales as sales dollar volume dipped 2.8% to $12,297,664. The median home price increased 6.5% year over year to $313,990. During the same period, new listings increased 80.0% to 36 listings, while active listings rose 187.5% to 115 listings. Pending sales dropped 3.6% to 27 pending sales. Housing inventory increased 1.4 months to 2.7 months of inventory. For more information or to download the December 2022 and Year-End Central Texas Housing Market Report, visit ABoR.com/MarketStatistics.
2023 HOMESTEAD EXEMPTION | FIND YOUR COUNTY

Homestead Exemption Filing Changes Effective January 1, 2022, a Buyer may file for a homestead exemption immediately after closing if the Seller did not have a homestead exemption on the property for the current tax year. Exemptions are a form of tax relief that can reduce the taxable value of your property. Types of exemptions include: Homestead Over 65 years of age Disabled individual Disabled veteran Agricultural If you own and occupy your new home, it is your homestead and you likely qualify for a homestead exemption. This is the most common type of tax exemption. When submitting an application for exemptions, you must submit a copy of your driver’s license. The address on your license must match the property address of the property you are filing the exemption for. To apply for an exemption, the homeowner, in most cases, must be occupying the property as their homestead on January 1st of the tax year in which the exemption is granted. It may be possible to apply for an exemption sooner. Please reach out to your county appraisal district to confirm the date that you may apply. It is free to file exemptions. The forms can be downloaded on the Central Appraisal District’s website for the county in which the property is located. Find your county below for information on how to file: Austin Area Bastrop County Blanco County Burnet County Travis County Williamson County San Antonio Area Bexar County Guadalupe County Boerne, New Braunfels, and Hill Country Areas Comal County Gillespie County Hays County Kendall County Medina County
MEDIA PRICE FOR A HOME IN AUSTIN-ROUND ROCK MSA STAYS FLAT, NO SALES OR PRICE RECORDS SET

For the first time since February 2019, median home prices in the Austin-Round Rock MSA experienced a 0% year-over-year increase, according to the Austin Board of REALTORS® November 2022 Central Texas Housing Market Report. As housing inventory and days on the market continue to steadily increase across the MSA, the report indicates normal market activity could be here to stay, as Austin’s housing market maintains its trajectory toward balance and sustainability. For the first time since the spring of 2020, there were no records broken for home sales or median price in either the MSA or the City of Austin. “It’s a relief to see more homes available and sitting on the market long enough to give buyers an opportunity to think before they leap,” Cord Shiflet, 2022 ABoR president, said. “This healthy competition creates an opportunity for homebuyers, who may have struggled within the past two years, to take their time and find a home they love. At the same time, sellers who can still enjoy deep equity should connect with a REALTOR® to discuss the best way to prepare and market their home.” Last month, home sales declined by 36.6% to 2,026 closed listings— the largest drop in closings by percentage since May 2020 during the initial COVID-19 economic hesitancy when closings fell 29.2%. Sales dollar volume fell by 36.8% to $1,175,435,108 as new listings declined 17.8% to 2,406 listings across the MSA. Pending listings dropped by 38.3% to 1,987 listings and available inventory increased by 2.3 months to 3.1 months of inventory. Homes spent an average of 58 days on market, up 36 days from November 2021. Dr. Jessica Lautz, deputy chief economist and vice president of research at the National Association of REALTORS®, reviewed the 2022 housing market on a national level, stating that level setting expectations for homebuyers and sellers is crucial now that the market is on track toward normalization. “In January, we experienced the lowest inventory on a national level since 1999,” Lautz said. “The average number of offers reached an all-time high in the spring, nationally, at 5.5 offers a home, since everyone knew interest rates would increase. Because of this, we saw this frenzied pace in the market, especially here in Austin, where the massive migration flow of people from other parts of the country caused home prices to increase. This was not a good market for anyone. Lautz added that homebuyers should seriously consider the length of time they plan on living in a home and speak with a REALTOR®. “We have to remember that the housing market is local,” Dr. Lautz said. “As millennials age in and senior adults stay in place instead of relocating, people are facing this short housing stock, and it’s becoming an increasing issue.” While housing inventory almost quadrupled to 3.1 months of inventory year over year for the Austin-Round Rock MSA and City of Austin, there is still a long way to go before a balanced market with six months of inventory is available. In the wake of Kirk Watson being elected Austin’s new mayor, ABoR is looking towards opportunities to address housing with a new administration. “On behalf of the Austin Board of REALTORSⓇ, we would like to congratulate Kirk Watson on his victory,” Shiflet said. “In 2023, it’s vital that Austin’s new mayor and City Council hit the ground running and prioritize our housing supply. We look forward to working closely with Kirk to craft policies that address affordability, create a more inclusive housing market and improve our community.” City of Austin In November, home sales decreased 49.4% to 529 sales—the largest drop in closings by percentage since May 2020 when closings dropped by 36.6%— while sales dollar volume decreased 49.2% to $352,744,056. At the same time, median price slightly decreased 1.8% to $530,000 for the City of Austin. Last month, new listings dropped 21.9% to 685 listings, active listings skyrocketed 182.9% to 2,300 listings as pending sales declined by 46.6% to 536 pending sales. Monthly housing inventory increased 1.9 months year over year to 2.6 months of inventory. Travis County In Travis County, home sales decreased 45.4%% to 882 sales, while sales dollar volume decreased 44.1% to $614,701,585. Last month, median price in Travis County slightly rose 0.8% year over year to $529,000 as new listings decreased -20.1% to 1,083 listings and active listings ballooned 204.7% to 3,943 listings year over year. Pending sales declined 46.6% to 854 pending sales as monthly housing inventory increased 2.2 months year over year to 2.9 months of inventory. Williamson County November home sales decreased 33.8% to 730 sales in Williamson County. Sales dollar volume declined 34.2% year over year to $360,132,515. The median price slightly decreased 1.1% to $439,945 as new listings dropped 17.9% to 825 listings. During the same period, active listings soared 303.3% to 2,972 listings while pending sales dropped 31.7% to 751 pending sales. Housing inventory rose 2.4 months to 3.0 months of inventory. Hays County In Hays County, November home sales decreased 13.6% to 273 sales and sales dollar volume also slightly decreased 7% to $143,056,087. The median price for homes rose 5.2% to $414,500. During the same period, new listings decreased 22.7% to 313 listings, while active listings skyrocketed by 189.8% to 1,281 listings. Pending sales decreased 27.6% to 265 pending sales as housing inventory jumped by 2.4 months to 3.5 months of inventory. Bastrop County Last month, Bastrop County home sales decreased 17.6% year over year to 103 sales, while sales dollar volume also fell by 9.2% to $43,867,768. Median price increased 5.1% to $362,450 as new listings rose 28.3% to 145 listings. Active listings soared 185.3% to 505 listings as pending sales decreased 32.8% to 80 pending sales. Housing inventory increased by 2.6 months to 4.0 months of inventory, the highest level of inventory across the MSA in November.  Caldwell County In Caldwell County, home sales stayed flat at 38 sales, and sales dollar volume rose 2.4% to $12,841,136. The median home price increased 24.1% year over year to $331,000. At the same time, new listings decreased by 20% to 40 listings as active listings skyrocketed 109.1% to 115 listings. Pending sales also stayed flat at 37 pending sales, and housing inventory increased 0.9 months to 2.7 months of inventory. For more information or to download the November 2022 Central Texas Housing Market Report, visit ABoR.com/MarketStatistics.

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