Volume 19; Number 22 : May 31 2023
May 31, 2023 : Austin Real Estate Market Update: Volume 19, Number 22
The Austin-area real estate market has experienced a whirlwind of change in the past year, as evidenced by the latest market statistics.
The total number of active listings in the Austin-Area Multiple Listing Service (MLS) is now 11,203, a notable increase from the 6,771 listings this time last year. The months of inventory, an indicator of supply and demand balance, has also seen an upward shift. Currently, it stands at 3.69 months, a significant leap from the 1.82 months in the previous year, marking a 2.0x increase overall and a 2.7x increase within the city of Austin.
When it comes to pricing, the average list price for active homes in the Austin-Area MLS has grown by 1.47% year over year, amounting to $704,884. However, the average sold price this month is $589,401, marking an 11.45% decrease year over year. The median sold price has also declined by 15.43% to $455,000.
In the City of Austin, the median sold price last year was $680,000, whereas this year, it is $593,848, a 12.7% drop year over year. Meanwhile, the average sold price to list price ratio is 97.77%, indicating that most homes are selling close to their listed prices.
Considering the 30 cities in Central Texas, 20 cities (67%) experienced a month-over-month price increase, while 9 cities (30%) saw a decrease. However, only 7 cities (23%) recorded a year-over-year price increase, as opposed to 23 cities (77%) that experienced a decline.
In terms of zip codes, 29 out of 75 (39%) have seen a month-over-month price increase, while 45 (60%) have witnessed a decrease. On a year-over-year basis, 13 zip codes (17%) recorded a price increase, whereas 62 (83%) experienced a decrease.
Lastly, looking at properties sold this month, 61.42% sold under the list price, 20.74% sold at the list price, and 17.84% sold over the list price.
In conclusion, the Austin-area real estate market has been quite dynamic over the past year, with an increase in inventory and a mix of price trends across different cities and zip codes. For buyers and sellers alike, staying informed about these shifts is crucial in navigating the real estate landscape.
