The October real estate market reports have been released By Texas Realtors and the Texas A&M Real Estate Research Center. The results show that inventory in October continued to creep up in
How Far Over List Price - September
Dated: September 13 2021
As I have mentioned recently in this blog, there are indications that the market is continuing to soften. One of the metrics I've used to help make this determination is to calculate the difference between list price and sales price. If the average sales price is considerably above list price, it is an indication of a strong seller's market. If the average sales price is lower than list price, you can expect it is a buyer's market. As a reminder, in an August post, this same metric illustrated that at various price points, it was a stronger seller's market than at others and helped me to conclude that the trend was towards a weakening seller's market.
Now, taking August numbers into account, we continue to see a slide towards a more stable market. Only in Horseshoe Bay, and only in homes under $500k, do we see the average sales price exceed the average list price, and it is only by 1.7%. In July, sales price at this price point exceeded list price by 5.4%. Across the board in Marble Falls and in the luxury homes in Horseshoe Bay, we continue to see a trend of sellers receiving under list price.
Lastly, your next question might be how much lower than asking price are sellers getting. It is not a lot, In the $500k-$1 million range in Horseshoe Bay it is 1.5% under list and the same category in Marble Falls is 3% under. These are statistically similar to the numbers in July. For homes over $1 million in Horseshoe Bay (there was no data for Marble Falls) sellers average 4.5% under list price which is actually the best numbers for sellers in four months.
As we move into the fall, we do expect the market to continue to trend towards stability and balance. The forecast is for the seller's market to continue though, but it seems the exceptionally strong seller's market that has frustrated buyers over the summer may be behind us for now. With interest rates remaining low, new construction increasing, and demand softening, it may be a great time for buyers to start looking again.
Hi there! Thanks so much for stopping by. I look forward to working with you. Although I am not a native to Texas, I have now been here for over 20 years. I was introduced to Horseshoe Bay in 2000 and....