Austin Real Estate Market in 2024: A Data-Driven Analysis of Sold Properties
Published | Posted by Dan Price
Austin Real Estate Market Trends: A Deep Dive into Sold Properties and Realtor Performance
September 23, 2024 : The Austin real estate market has been experiencing a significant transformation, as evidenced by recent data on sold properties and Realtor performance in the area. From January through September 2024, the number of sold properties in the six-county area was projected to reach 23,423, reflecting a 14.4% drop year-over-year. This decline highlights the continued downward trend in sold properties, marking a 10.1% decrease below the average and a stark comparison to previous years. In particular, the month of September is expected to show a drop of 14.4% compared to the same period in 2023, contributing to an overall challenging year for real estate transactions.
The detailed analysis of sold properties per 100,000 residents paints a clearer picture of the market’s current state. As of September 2024, the figure stands at 82.36, down from 105.46 the previous month. This decline underscores the cooling of the market as fewer properties are changing hands relative to the local population. Comparatively, the market is performing better than in 2010, with sold properties per 100,000 residents at that time hovering at lower levels. However, the drop is significant enough to impact market dynamics and decision-making for both buyers and sellers.
While the overall sales figures are declining, the number of active Realtors in the Austin-area MLS continues to grow, albeit with some fluctuations. As of September 2024, there are 19,979 Realtors registered in the Austin-area MLS. This is a 6.1% decrease from the September 2022 peak, indicating that some Realtors may be exiting the profession in response to the current market conditions. However, the market remains saturated, which can be seen in the ratio of sold properties per 1,000 Realtors. This metric has dropped to 104.4, down from 133.7 in August 2024 and marking the lowest level for September on record. This indicates that fewer properties are being sold per Realtor, increasing competition among agents for available listings.
Year-to-date performance shows that cumulative sold properties are 27.9% below the long-term average. Between January and September, the sold properties per 1,000 Realtors totaled 1,199, reflecting a year-over-year decrease of 0.8%. This suggests that despite the high number of Realtors in the market, overall productivity has decreased, and agents are selling fewer properties compared to previous years. The 39.4% drop below the average sold properties per 1,000 Realtors for September further confirms that this month will be among the slowest in recent history.
Despite these market challenges, there is some optimism within certain real estate circles. Some brokerages, such as Team Price Real Estate, have seen positive year-over-year growth, with a nearly 10% increase in transactions while maintaining a steady agent count. This performance is notable given the broader market slowdown and speaks to the importance of strategic market positioning and strong agent performance in navigating difficult market conditions.
The data-driven approach used to project future sales in the Austin real estate market is also worth noting. By analyzing 20 years of historical data, adjustments for population growth, and accounting for seasonal sales trends (such as the surge in sales during the last seven days of the year), real estate professionals can create highly accurate projections. With an average error margin of just 1% to 3%, these projections provide valuable insights into future market trends, helping buyers, sellers, and agents make informed decisions.
As the Austin real estate market continues to evolve, it remains crucial for industry professionals to closely monitor data on sales density, Realtor performance, and population trends. While the overall market may be experiencing a downturn, opportunities still exist for those who can adapt to the current conditions and leverage the available data to their advantage.
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