🤠🏡 Selling Austin #7

Hi y’all! Happy Friday - I’m so glad you’re here!

Pay attention to a deal you can’t miss (sneak peak: it just had a $275,000 price cut). Read until the end for a house with a view worth drooling over.

Let’s go!

WHAT'S INSIDE

• 🔢 THE DATA

• 🤠 WHAT’S HAPPENING IN TOWN

• 👀 DEAL OF THE WEEK

• ⁉️ WHAT THIS INFORMATION MEANS FOR YOU

• 🤤 HOUSE WORTH DROOLING OVER

🔢 THE DATA

Don’t be scared! Let’s break it down.

Pending Units increased +23.9% YOY
New Listings increased +44.8% YOY

What does that mean?
Strong increase in pending units shows us the market is bouncing back from the 2023 slump and buyer’s are back. They’re less afraid of mortgage rates than they were last year. Enormous jump in new listings, many from large builders. I’ll continue to monitor this metric and report back.

4.1 Months of Inventory (MOI)
psst: MOI tells us how many months it would take to sell our current inventory if no new homes came on the market and we sold at our current pace.

We are currently in a balanced market. As inventory goes up - buyer’s have more options and we move towards a buyer’s market.

🤠 WHAT’S HAPPENING IN TOWN

We just talked about 44.8% increase in new listings. Let’s dig in a bit more:

In Austin, landlords are battling an excess of apartments. What do I mean by excess…

Houston is 2.5x larger than Austin but Austin produced the same number of rental units as Houston in 2023.

In December, Austin had the second highest rental decline in the US (average monthly rent fell 12.5% YoY). Second to Salt Lake if you were curious.
Note: this data primarily looks at large multifamily/high rise apartment complexes. If this is you -

💰️ you will save thousands of dollars if you negotiate your rent. I’m seeing 6-8 weeks free on a 12mo lease in the city 💰️ 

👀 DEAL OF THE WEEK

Neighborhood Spotlight: Galindo (just south of Bouldin Creek)

I want to SHOUT THIS ONE FROM THE ROOFTOPS - THIS IS A DEAL. 

Last week they had a $275,000 price cut.

For similar properties sold in the last 3 years, the average price per square foot (ppsqft) was $667. The ppsqft on 707 Huerta is $598.

Listed at: $1,399,000
Kirtana’s Suggestion: $1,300,000

When I talk about similar/comparable properties (comps) - I make sure to remove as much variance as possible so we are doing an apples to apples comparison.

I compare properties with similar:
- Location
- Year built
- Lot size
- Square footage
- Beds/Baths
- Finishes/upgrades

⁉️ WHAT THIS INFORMATION MEANS FOR YOU

If you’re a buyer/seller/investor/renter or just interested in real estate - this weekly newsletter will help guide your decision making and help you better understand current market trends.

🤤 HOUSE WORTH DROOLING OVER

Hard to tell if we are in Austin or Miami with this one. It’s the most expensive house on the market right now.

Yours for a cool $26,995,000.

Thank you for being here! Reply to this email if you have any questions or just to say hello! 👋 

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