Tuesday, February 28 2023 : The Austin real estate market has experienced a significant increase in active listings compared to this time last year.
According to the Austin-Area MLS, there are currently 9,229 active listings, compared to 3,587 in February 2022. This represents a 4.82x increase in inventory, a significant shift in the market that has been dominated by low inventory levels for several years.
With the increase in inventory, the Months of Inventory (MOI) has also increased to 4.31 months, up from 0.89 months last year. This indicates that the market is becoming more balanced, with buyers having more options to choose from. However, it's important to note that a MOI of 6 months is considered a balanced market, so the Austin real estate market still favors sellers.
The average list price for active homes in the Austin-Area MLS is currently $640,891, which is a 9.71% increase year over year. However, the average sold price for homes this month is $530,556, representing a -10.43% year over year decrease. The median sold price for homes this month is $435,000, a decrease of -10.31% year over year.
In the City of Austin, the median sold price has decreased by -3.6% year over year, from $588,000 to $567,046. This indicates that the market in Austin is experiencing some stabilization after years of rapid appreciation.
Overall, the Austin real estate market is experiencing a shift towards a more balanced market, with increased inventory and a slight decrease in home prices. It is important to continue monitoring this trend and its potential impact on the economy and housing industry.
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