Average List Price to Sales Price dropped…but still over 100%
We only had 43 new listings in April. This was more than March, but less than previous Aprils. The number of new listings has been following the normal pattern of the year by rising each month (18 in Jan, 22 in Feb, 38 in March), but at lower levels than previous years.
This is why homes in 78732 still sold for an average of 102% of list price despite higher interest rates.
The number of cash buyers dropped again to 21%. There could be many reasons for this including decreased affordability attracting less buyers “cashing out” from other states, or people choosing to hold on to their cash to invest in other places while taking advantage lower mortgage rates before they go up more. This is great news for local and move-up buyers!
I’d say we are shifting now from an extreme seller’s market to just a strong seller’s market.
It will be interesting to see what happens to rents in the next year. In the short term, landlords’ profits will be squeezed by their non-homesteaded property taxes. The taxes on my Steiner Ranch rental will likely increase about $5,000 just this year! This will cause some to cash out of their rentals, lowering the supply of rentals causing rents to go even higher next year.
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, click here to schedule or give me a call at (737) 200-2354. You can also click here to sign up for property specific market updates.