By LYNETTE HAALAND
Four Points News
Home sales were slightly down and average prices were slightly up in the Four Points area during the first six months of 2024 compared to 2023.
“For sellers, the positive news is that median closed prices have continued to rise compared to last year,” shared Rhonda Durrill, Realtor and broker associate with Avalar Real Estate and a Steiner Ranch resident. “However, the downside is the ongoing rise in inventory levels, leading to frustration among sellers whose homes are slow to sell. Maintaining a home in show-ready condition for extended periods, especially with pets and children, presents a significant challenge.”
The real estate landscape in the Four Points area has changed since last quarter. There has been a notable increase in months of inventory, reaching a record high since 2015.
Months’ supply refers to the number of months it would take for the current inventory of homes on the market to sell given the current sales, Durrill said.
Durrill analyzed quarterly statistics provided by the Texas A&M Texas Real Estate Research Center from June 2015 to June 2024. She found 78732 is currently at six months of inventory, up from the first quarter of 2024 which was 3.2 months, while 78730 is at 8.2 months, up from the first quarter which was 6.1 months.
“Buyers in this market segment now have many options and prioritize finding homes that meet all their criteria without compromise,” Durrill shared. “Properties that have been updated are still in high demand and are fetching top dollar. Conversely, homes that have not been updated or lack significant updates tend to linger on the market longer and often require price reductions to attract buyers.”
Kent Redding, 2024 Austin Board of Realtors and Unlock MLS president, stressed key actions to be successful in today’s market.
“For the remainder of the year, both buyers and sellers need to adjust the way they navigate the market. Homes are selling at 96.4% of original list price, but the homes that are selling are moving because they are showing well and priced appropriately. Price and presentation are the top two critical components to a successful sale, whereas time on the market can be a big detractor,” Redding shared. “For buyers, now is the time to expand your options and make competitive offers in this high-inventory environment.”
Travis County: First half of 2024
- 6,830 – Residential homes sold, 4.8% less than the first half of 2023.
- $520,000 – Median price for residential homes, 0.1% more than the first half of 2023.
- 12,981 – New home listings on the market, 11.2% more than the first half of 2023.
- 31,533 – Active home listings on the market, 21.4% more than the first half of 2023.
- 7,453 – Pending sales, 2.6% less than the first half of 2023.
- $4,779,938,098 – Total dollar volume of homes sold, 4.0% less than the first half of 2023.
City of Austin: First half of 2024
- 5,172 – Residential homes sold, 2.9% less than the first half of 2023.
- $574,995– Median price for residential homes, flat compared to the first half of 2023.
- 9,987 – New home listings on the market, 11.5% more than the first half of 2023.
- 23,289 – Active home listings on the market, 24.9% more than the first half of 2023.
- 5,636 – Pending sales, 1.7% less than the first half of 2023.
- $3,895,461,068 – Total dollar volume of homes sold, 3.3% less than the first half of 2023.
