Blog > Austin Market Update – April
Weeks of inventory has maintained around 2.5 months since the start of the year. This is an important metric we follow and has suggested that the market has really stabilized compared to the large movements we saw in the middle and late parts of 2022. As a buyer, you currently have more leverage in the market due to the relatively high inventory available compared to last year. However, keep in mind that this situation may change if interest rates come back down later in the year, as projected.
The price reductions have been fluctuating, but the average has been consistently around 1000 per week since the start of the year. This trend is expected to continue throughout the spring market.
Failed listings exhibit a monthly cycle, with the peak occurring every month. This year, we have observed a peak of no more than 300, which is significantly lower than the peaks we observed towards the end of 2022.
Inventory has been steadily increasing since the start of the year.
If you’re in the market for a new home, now is a great time to buy! Although recent financial news may be concerning, interest rates are expected to decrease towards the end of the year. While prices may not significantly drop lower, many lenders are offering programs that can help with initial rates, such as great rate buydown and down payment assistance programs. This means you can purchase a home at a low cost, with the seller or builder contributing to lowering your payment. And if you’re waiting for rates to drop before doing anything, keep in mind that you can always refinance in a year or two.
Sellers
If you’re a seller, we’ve had great success selling our listings for top dollar. In fact, our homes have been selling consistently for 8% more than the MLS average with our new program. If you’re interested in learning more about our program, click the link below! And if you have any questions about your current situation or the local market, please don’t hesitate to reach out to us for assistance. We’re always here to help!