Austin, TX

The local market currently exhibits very weak conditions, characterized by a declining pending ratio and significant year-over-year contraction in new listings. While active listings have increased over the past year, price reductions remain a notable factor.

The pending ratio, a key indicator of demand, stands at 0.13, representing a 3.6% decrease from the previous year. This decline is coupled with a substantial 50.0% year-over-year reduction in new listings. Active listings have expanded by 28.3% over the past year, contributing to an inventory of 195 units. Median days on market have extended to 101, a 23.2% increase over the past year, indicating a slower absorption rate. Concurrently, the median listing price has seen a 1.5% year-over-year decrease, settling at $315,000, despite a marginal 0.1% month-over-month gain. The share of price-reduced listings is 18.8%, a 2.9% decrease from the prior year.

The current environment suggests that potential purchasers have increased leverage, benefiting from an expanding inventory and longer marketing periods, as indicated by the extended median days on market and declining pending ratio. Conversely, those seeking to transact face pressure to demonstrate price discipline given the market's slower pace and reduced demand.

The average listing price, at $407,238, is notably higher than the median listing price of $315,000, suggesting a segment of higher-priced properties within the market. The median price per square foot is $396, which is down 6.0% year-over-year.