Austin Real Estate Market Update - August 17, 2023
Greetings, Austin homebuyers, sellers and investors! It's time for your weekly dose of real estate insights in the ever-dynamic Austin market. Let's dive right into the numbers and trends shaping the landscape.
Market Inventory and Demand : Looking back at this time last year, we've observed some intriguing shifts. The total number of active listings in the Austin-Area MLS stood at 12,240. Fast forward to today, and that number has nudged up to 12,270. However, the real eye-opener is in the Months of Inventory metric, a key indicator of supply and demand equilibrium. Last year, we were at a brisk 3.56 months. Now, we find ourselves at 4.10 months, representing a 1.2x increase. In the City of Austin itself, we're seeing the same 1.2x increase in inventory.
Price Trends : Turning our attention to pricing, the average list price for active homes in the Austin-Area MLS is currently $645,275. This marks a 2.25% increase compared to the same period last year. Delving deeper, the average sold price this month sits at $600,501, which represents a -2.10% year-over-year difference. Similarly, the median sold price comes in at $459,000, showcasing a -4.38% year-over-year change.
City Insights : In the City of Austin, the median sold price has undergone a subtle transformation. Last year's median was recorded at $585,000, while this year's stands at $575,000, translating to a -1.7% year-over-year adjustment.
Market Dynamics : Let's explore the dynamics within the market. The average sold price to list price ratio currently stands at 97.63%, indicating the negotiating space in transactions. When we analyze the 30 cities in Central Texas, we find that 47% have experienced a month-over-month price increase, while an equal number have witnessed a decrease. Shifting to a yearly view, 23% of cities are experiencing higher prices compared to last year, with 77% witnessing a price decrease.
Year-to-Date Trends : Year-to-date figures reveal an interesting balance. Among the 30 cities, 15 have seen median price increases, and the same number have seen declines. Looking at the past 12 months, none of the cities have seen an increase in price, while 28 have seen prices dip.
Zip Code Insights : Expanding our scope to zip codes, we note that among the 75 zip codes in Central Texas, 49% have experienced a month-over-month price increase, while an equal percentage have seen a decrease. On a yearly basis, 31% of zip codes have seen an increase in median prices, while 69% have experienced a decrease.
Final Insights: To round off our analysis, let's delve into the sales price distribution. So far this month, 63.42% of all sold properties closed under the list price, while 22.02% sold at the list price, and 14.56% secured prices above the listing. These numbers reflect the pulse of the Austin real estate market as of August 17, 2023. As always, we're here to assist you with our data-driven insights and expertise. Feel free to reach out for personalized advice on your real estate journey.
Stay tuned for more updates next week!
