Austin Real Estate Market Update

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The real estate market’s active residential listings offer a valuable insight into property conditions and special listing situations. In total, there are 13,883 active listings in this dataset, split between two main categories: new construction and resale properties. Resale properties dominate the market, comprising 70.7% of the active listings with 9,822 properties, while new construction makes up 29.3% with 4,061 properties. On the other hand, pending listings total 3,964, with 43.2% attributed to new construction and 56.8% to resale properties. The activity index, which provides a measure of listing activity in the market, is notably higher for new construction listings at 29.67%, compared to 18.64% for resale listings.

The average listing prices vary significantly based on the property condition. Resale properties, the largest category, have an average listing price of $752,500, but with an average price drop of 7.1%, bringing down the effective average price for buyers. Among resale types, homes listed as “tear downs” experience the steepest average price drop at 14.7%, reducing the listing price by approximately $174,031. Another notable category within resale properties is those that are updated or remodeled, which average $946,207, although they still experience an average price reduction of 7.6%.

New construction properties display some variation in price and discount patterns as well. Fully constructed new homes have an average listing price of $734,803 with an 8.1% price drop on average, amounting to around $62,555 in discounts. Properties still under construction also experience reductions, with an average price of $518,962 and a 7.2% average drop, making them potentially attractive for buyers interested in purchasing properties at a lower price point with potential for future value increase.

The dataset also covers properties with specific listing conditions, amounting to 512 active listings, or 3.69% of the market. Properties listed under special conditions include notices of default, short sales, pre-foreclosures, and auctions, each offering unique opportunities for buyers and investors. Notably, properties with a “notice of default” condition have the highest average discount rate at 23.2%, which can bring the average listing price down from $917,125 by approximately $107,500. Short sales, another category within special listings, average a listing price of $471,493, with an 11.3% average discount.

Foreclosure properties present an average listing price of $350,833 with a 13.9% drop, making them a potential opportunity for buyers seeking distressed properties at a discounted rate. Additionally, real estate owned (REO) listings, which are typically bank-owned properties, total 111 listings and feature an 8.2% average price reduction, with an average price of $647,856. HUD-owned homes, though only four in number, present a significantly reduced average price of $315,922.

Pending listings in the special conditions category are also insightful. Among them, real estate owned listings have a relatively high pending rate, with 41 properties accounting for 1.03% of the pending listings, and they have an activity index of 26.97%. Estate properties also have a high pending listing rate, with 96 properties representing 2.42% of the pending market and showing an average price drop of 9.6%.

The data reflects a diverse real estate market, with substantial price variation based on property condition and special listing situations. For buyers, these price drops present opportunities to find listings at reduced rates, whether they are looking at new constructions, resale properties, or special listing conditions like foreclosure and short sales. The active residential listings and the different conditions highlight the dynamics of the market, offering options for various types of buyers, from those seeking move-in-ready homes to investors interested in properties with potential for value appreciation.