Austin Real Estate Market Update: A Deep Dive into 2023's Market Trends
Welcome back to our weekly journey through Austin's ever-evolving real estate landscape. As we delve further into 2023, it's crucial to analyze the latest market trends in a clear and professional manner. Let's examine the recent developments in Austin's real estate and see how this week's numbers compare to the previous.
Inventory and Supply : Let's begin with the number of available homes. Contrasting with the previous year, we've witnessed a reduction from 12,942 active listings to 12,599 in the Austin-Area MLS. Now, factoring in the rate at which homes are being sold (sold properties), we calculate the "Months of Inventory." Currently, it stands at 4.47 months, up from 3.96 months last year, marking a 1.1 times increase. Within the City of Austin, this increase in housing options mirrors the overall trend at 1.1 times.
Price Changes : Turning our attention to the financial aspects, the average list price for homes in the Austin-Area MLS is $677,133, reflecting a noteworthy 0.98% year-over-year increase. This month, the average sold price stands at $584,054, a mere 0.60% deviation from the previous year. However, the median sold price has experienced a slight decline, down 3.24% to $445,000 year over year. Within the City of Austin itself, the median sold price remains remarkably steady, showcasing a marginal 0.0% year-over-year change.
City and Regional Trends : Expanding our scope to encompass the 30 cities in Central Texas, we observe that 47% of them have reported price increases this month, while 53% have witnessed decreases. On a year-over-year basis, 20% of these cities have experienced price hikes, with a significant 80% seeing decreases. Year to date, 17 cities have enjoyed higher median prices, while 13 have witnessed declines. Interestingly, none of these cities have surpassed their previous 12-month price peak, with 30 cities experiencing decreases.
Zip Code Analysis : Zooming in further, let's examine zip codes. Among the 75 zip codes in Central Texas, 45% have reported price increases this month, while 52% have seen reductions. Year over year, 28% of these zip codes have seen prices rise, while 69% have witnessed declines. Year to date, 41 zip codes have witnessed median price increases, while 34 have faced declines. Notably, none of these zip codes have reached prices higher than their previous 12-month peak, with 71 zip codes experiencing declines.
Sales vs. List Prices : Lastly, when it comes to the actual prices homes are fetching compared to their listings, approximately 64.55% of all sold properties have sold for less than the list price this month. This is in line with last month's figure of 64.54%. Approximately 22.16% have sold for the exact list price, and 13.29% have sold for more than the list price. Compared to January 2023 when 9.71% of properties sold for more than the list price, we are seeing a more stabilized market.
Conclusion : The Austin real estate landscape is a dynamic one, offering opportunities and challenges for buyers, sellers, and investors. To make informed decisions, staying updated on these trends is essential. Our comprehensive report provides over 500 pages of in-depth information about the Austin real estate market, including insights on Market Cycle, Affordability, Interest Rates, and more.
Stay tuned for next week's update as we continue navigating the ever-changing waters of Austin's real estate market in a professional and clear-cut manner.
