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Just like last month, the Austin Real Estate market has changed significantly compared to the month end May numbers that were recently released.
We currently have more homes for sale than we have seen in a long time and we are continuing to see more homes come on the market. While we saw a 51% jump from April to May and a 144% increase from this time last year, it is looking like June will bring us at inventory levels not seen since 2020. This is a great opportunity for buyers who have been frustrated with the previous lack of inventory and competing with other buyers.
June has been a busy month for homes coming on the market.
The true indicator of where the market is going... Homes Under Contract which have been on a steady decline since mid-May.
We saw an increase of homes sold by 12% from April and 7% increase from last year. Keep in mind, the number of sales is a lagging number as these are homes that went under contract 30-60 days prior. In the coming months, this graph will start to take a different direction.
Sneak peak at June Sold units shows what we have been seeing the in the market - a sharp decline.
What does all of this mean for prices? We are definitely seeing a stabilization in prices. The days of pricing high and the market catching up are gone as are the multiple offers and homes selling the first weekend on the market which were the driving force of the market appreciation the past two years.
If you are in the market to buy or sell your home, it is important now more than ever to hire an experienced professional to help you navigate this quickly changing market. Call me if you would like to know more about your specific situation - I would love opportunity to help you!
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