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.
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