Starting this week, I want to highlight “Things to Do” in Austin! And over the next few weeks, I’ll be sharing some fun guides as well like “Swimming Holes” and “Must Try Texas BBQ”! So scroll down to the bottom for some weekend ideas!
Austin Real Estate Market: May Update
NOTE: Some of the “final” stats may change since it often takes a few weeks for all of the data to completely come in with pending and closed transactions.
In May, we saw 5,319 homes on the market, ready and waiting for their new owners ;-). The number of homes listed increased by a 14.6% compared to the previous month.
On average, homes were on the market for only 40 days… and the median list price was $575,894.
But as I always remind folks, real estate is more nuanced than “generic numbers”. We need to look at a lot of factors including specific location (subdivision, neighborhood, etc.) type of property (single family, condo, etc.), size of property (1 bedroom, 2 bedrooms, 3+ bedrooms, etc.).
Just looking at “size”, for example, we saw a drop by 4.4% on 1-bedroom properties, 5.4% on two-bedrooms, and a 3.9% drop on three-bedrooms.
YET, five-bedroom homes INCREAED by 8.5%.
This isn’t a direct correlation to inventory however. One-bedroom homes surged by 23.8%, two-bedrooms increased by 15.4%, and three-bedrooms by 13.7%. Even four-bedroom homes became 14.7% more plentiful, and five-bedroom homes saw a 12.8% increase.
As far as list to sale prices…
- 218 went for OVER list
- 656 went for LESS than the listed price
- 183 were sold at list price!
So… if you’re THINKING of buying this year, what should you do?
Well… timing the real estate market is like trying to time the stock market! You can’t EVER guess the top OR the bottom, but what I can tell you as that as SOON as we see interest tick down – even SLIGHTLY – we see an increase in buyer demand, offers and contracts.
So as long as the feds are messing with rates, we’re going to see a little bit of a bumpy ride! So the question is… do you want to get in now and ride it out or risk getting into a multiple offer situation in the future when rated DO come down a point or 2?
At the end of the day, there is still a housing supply issue across the country. AND there are LOTS of homeowners, especially in the Austin area that are going to ride it out for a LONG time because of (1) Interest rates and (2) Taxes (if they had a homestead on their property prior to the “boom”, then a lateral move will often double the tax bill alone!)
As for my husband and I… our PERSONAL goal is to acquire 8-10 properties in the next 2 years. We are midway through a renovation project that I’ll share a recap of when we’re finished up!
Summer Fun in Austin: Weekend Round Up
We’re coming up on the end of our first full week o
f summer vacation with the kids out of school! There’s SO much to do in Austin during the summers with or without little ones…
Here are just a few fun activities this weekend!
Friday-Saturday, June 2-3, 8PM:
Ballet Under the Stars
Where: Zilker Hillside Theater
Hey there! Fancy a magical night of ballet with your kiddos? You’re in luck! Metamorphosis Dance is wrapping up their 30th-anniversary celebrations in style with a stunning production of Ballet Under the Stars.
And you know what’s in store? They’re going to dazzle us with a re-imagining of a segment from the classic ballet La Esmeralda. But wait, there’s more! They’ll also sprinkle in a twist of “All That Jazz” from the Broadway smash hit “Chicago.”
From there, prepare for a beautiful blend of fresh contemporary ballet choreographed by the talented Artistic Director Melanie Kregel, along with other original creations from the gifted folks in the company.
So grab your blankets, set up a cozy spot on the hillside, and prepare to be spellbound by this enchanting show as the sun sets and the stars take the stage. Trust me, it’s going to be one mesmerizing evening you won’t want to miss!
Saturday, June 3, 2023, 3- 6 pm: Stardazed and Confused
Where: Domain Northside
Stardazed and confused is back at Domain NORTHSIDE! Welcome the summer with the kids with a bunch of fun outdoor activities. This includes a bracelet bar, record-spinning art, DJs, a classic VW Bus selfie station, and so many more.
Sunday, June 4th: Bee Cave Farmers Market Opening Day
Where: Hill Country Galleria
The first fresh and locally-grown produce of the season is on fully harvested display in the beautiful Texas Hill Country. Experience the new Bee Cave Farmers Market on opening day. Guests can also peruse and purchase a variety of prepared foods and goods while enjoying live musical entertainment. Get more information here.
Mortgage Minute, Marie-Lynn Dunn
Recent trends show mortgage rates taking a dip after a sizeable increase in early May. Interestingly, May’s job gains exceeded expectations, adding 339,000 positions, especially in professional services, healthcare, and leisure. Despite this, unemployment rose from 3.4% to 3.7%, catching a few of us off-guard. Average earnings also increased slightly, matching forecasts. Meanwhile, the manufacturing sector has shown signs of struggle. Keep your eyes peeled as investors closely watch the banking sector and potential changes to federal rates. It’ll be a quiet week ahead for economic reports, but stay tuned for some key updates. Happy house hunting!
