AUSTIN (Talk1370.com) -- Austin's housing market has more homes for sale than it has at any point in the past decade, according to new data released Monday by the Austin Board of REALTORS.
September saw home sales decline by 18.5% to 2,992 listings, with active listings up 162.4% to 9,671. That's the highest number of active listings in the metro area since July 2011.
"Homebuyers have not had this much leverage and this many options in over a decade,” said Cord Shiflet, 2022 ABoR president. "We’re still in a seller’s market, but as homes take longer to sell and are being bought for less than the original list price on average, and with inventory steadily increasing, right now is a great time to be a home buyer in Central Texas."
New listings declined 3.8% to 3,967 listings, while sales dollar volume for the month fell 12.7% to $1,777,575,531. The median sales price set a new September record, increasing 5.6% to $470,000.
Shiflet said the market changes have had an impact on both sides of the transaction.
“Homebuyers no longer need to move at a frantic pace to find a home," said Shiflet. "There are more homes to choose from and more time to find a home that works for their needs and budget. However, interest rates are rising, so buyers still need to work with their REALTOR® to get prepared to make an attractive offer by taking steps in advance such as getting pre-approved for financing.”
Given the challenges in the market, Shiflet said, sellers need to reset their expectations.
"Homes are selling at 95% of their original list price," said Shiflet. "Sellers need to know that the days of multiple offers way over asking price are a thing of the past. REALTORS® have access to real-time, accurate housing market data through the MLS and keep a constant pulse on the optimal list price for a home, making it competitive and desirable for buyers that now have much more leeway in their home search process."
More detailed information is available in ABoR's monthly report online.