As is typical for this time of year, the number of new listings decreased in both August and September. The decrease was sharper than past years, however with only 19 new listings in August (39 in August 21) and 21 in September. Inventory in the Austin metro hit it’s highest point in years over the summer so it’s nice to see those numbers coming back down as people are realizing they missed the top of the market and reevaluating their plans to sell.
As predicted, the list price to original sales price ratio did come down further from 98% in July to 94% in August to 88% in September. It is important to note that as properties are being priced more accurately, that % is going up. Most of the properties that are closing in the 95% and below range were those that were listed in May, when the market started changing.
The number of cash buyers in 78732 went up in August to 25% and back down to 15% in September.
After spiking in July to over 5 months inventory (not seen since 2018), that number dropped to 3.5 months in August and 3.1 months in September. We are seeing more properties going pending now vs. just a few months ago. 78732 had 14 properties go under contract in June, 12 in July, 26 in August, and 16 in September. This coupled with less new listings should continue to bring that number back down.
As always, if you would like data specific to your property or are ready to buy or sell, give me a call. To make an appointment to talk about your goals and see if we are a good fit, give me a call at (512) 657-7510. You can also click here to sign up for property specific market updates, or view the current report for 78732 here.