As we dive into April, I hope this newsletter finds you well and enjoying the springtime! With only 260 days until Christmas, the year is flying by.
National News: In national news, the real estate market continues to be a topic of interest. According to recent reports, housing prices are expected to remain steady throughout the year, providing a stable environment for buyers and sellers alike. Additionally, the Federal Reserve has indicated potential rate drops in late Q2 or early Q3, which could further impact the market.
Local Market Update:
- Avg Sold Price: +2.2% YOY 📈
- Med Sold Price: -1.1% YOY 📉
- Months of Inventory: 4.2 📊
- Avg Days on Market: 68 days ⏳
- Total Sales and Total UC/Pending: Flat YOY 📉
- Mortgage rates: Stable in high 6% / low 7% range 🏦
Seasonal Pricing & Demand:
- Avg and Med Sold Price increased on MOM basis 📈
- Strong buyer demand in spring and early summer 🌷🏡
- Contracts expected to be strong into early summer, declining into holidays 📆
New Listings Jump Again:
- New Listings increased by +10.2% YOY in March 📈
- Months of Inventory (MOI): 4.2 🏡📊
Buyer Advice:
- 2024 is still a good time to buy if it makes sense to you 🏡
- Additional inventory slightly favors buyers 🏠
- Buyer demand peaks in late spring, more competition now but not overly competitive 🌷
Seller Advice:
- Pricing is important in a balanced or sluggish market 📊
- Timing is crucial, list during peak demand if possible 📆
Keep an eye out for our next newsletter for more insights and tips! 📰 #RealEstate #AustinTX #MarketUpdate
March 2024 Real Estate Market Update 📈🏠
