Is the Austin real estate estate market about to fall off a cliff? (Gonzales: days on market, for sale)

[Kosmonaut]

I'm asking because there are 4720 active listings and only 4240 pending. It seems that in June, like 90% of the listing were pending, now it's like 47%. There were 2200 sales last month, but only 165 in the last week. Maybe the MLS data hasn't been updated?

New apts coming online, rising interest rates, maybe condo sales are spiking and people don't want SFHs?

[Trainwreck20]

You should make a poll .

But, honestly, I have not idea on what pending to active ratios are good or not. Houses still moving quickly in my neighborhood (i.e. sign saying 'coming soon' followed by 'sold' w/o ever putting an actual for sale sign up).

[sloppymeg]

Originally Posted by Trainwreck20

You should make a poll .

You beat me to it!

I don't think the real estate market is about to fall off a cliff whatsoever. The late spring and early summer are HOT HOT HOT times to sell. People want to get out and get in before school starts. As the summer winds down, so does the hot-paced market. NOT saying it's going to cool off, but won't have the multiple bids, sold-before-it-hits-the-market type of deals every day.

With the number of folks moving to Austin every day, I doubt the real estate market will fall off a cliff anytime soon.

[rxpx40]

Agreed. My brother in law put his house on the market and the first viewing resulted in a full-price offer. His house is in my neighborhood and is one of the higher priced appraisals due to the young age of his house.

[TexasHorseLady]

Oddly enough, that's not the stats we had this morning at our monthly sales meeting - they're off by over a thousand, where the heck are you getting them? Actives are down about 25-26%% over this time last year. Houses are going pending within a week or, now, maybe two for the ones that are taking a while (that's the huge slowdown you're talking about?), with multiple offers - though, granted, things did slow down a LITTLE last week when there was that whole 4th of July holiday thing and people went on vacation. Sales prices are up.

Inventory has been, and still is, low compared to demand. It's growing a little because sellers are figuring it out, but there's still a lot of houses that have gone pending and then sold after 0, 1, 2, days on market in a lot of the area.

A seller's market is considered anything under six months. Looking at the solds in the last 7 days (242 - I removed places like Blanco, Gonzales, etc., even though there are houses in those places listed in our MLS), 229 of that 242 were sold in under 90 days on market. 168 sold in less than 30 days on market. 118 sold in 10 days or less on market. 103 sold in 7 or less days on market. Six took over six months to sell - two of those were in the considerably over $1,000,000 range.

If that's a market falling off a cliff, I'll take it.

[gpurcell]

We've been looking at a handful of places over the past couple of months and anything priced decently moves almost immediately (400K range and central).

[BatWing]

Austin's housing market is doing just fine. that's the LAST thing I'm worried about going downhill in Austin.

[355spider]

Seems like the million+ range moves very slowly.

[EzPeterson]

Originally Posted by 355spider

Seems like the million+ range moves very slowly.

That's pretty typical, regardless of which area (perhaps excluding some parts of the bay at the 1-1.3 range), since you're typically getting above the jumbo and super jumbo loan limits there with 20-30% down pays. Not nearly as many buyers at that range as well.

[AustinGuy]

Originally Posted by 355spider

Seems like the million+ range moves very slowly.

Maybe Elijah Wood needs to buy a few more homes:

Elijah Wood now calls Austin home | kvue.com Austin