by: Team Price Real Estate, Unmatched Agents, Unrivaled Insights
Published on: Thursday, February 29, 2024 at 1:59pm
Updated Market Overview: The Austin-Area MLS has witnessed a uptick in active listings, climbing from 9,976 to 10,488—a 5.1% increase. Furthermore, the Months of Inventory have surged by 24.5%, moving from 2.98 to 3.71 months. This shift suggests an expanding inventory that could play a pivotal role in shaping market trends and pricing strategies moving forward.
Pricing Dynamics in Austin Real Estate: The average active listing price has seen a 3.2% rise to $556,793, while the median active listing price has gently increased to $440,347. On the transaction side, the average sale price of properties has ascended by 3.4% to $537,529, with the median sale price modestly growing to $430,000, a 1.2% uplift.
City and Regional Dynamics: Zooming into Austin's city limits, sales have surged by 13.7%, paralleled by a significant 56.3% increase in the Months of Inventory, now standing at 3.45 months. Despite this, both average and median active listing prices have seen reductions of 1.0% and 3.7%, respectively.
Central Texas Cities and Zip Code Analysis: Month-over-month data shows that 47% of cities have seen price increases, while 53% have faced decreases. Year-over-year, 40% of cities have encountered price growth against 60% experiencing declines. In the detailed tapestry of 75 zip codes, 53% reported monthly price growth, with 44% observing annual increases, contrasting with 45% and 56% registering reductions in the corresponding periods.
Sales vs. List Price Analysis: The sales-to-list price ratio is currently at 97.28%. This month, 67.13% of properties sold for less than the asking price, a slight adjustment from last month's 72.37%. Conversely, sales at the listed price have risen to 20.74%, and those above the listed price to 12.13%.
Peak Value Analysis: Austin-Area MLS: The Austin-Area MLS highlights a downward trajectory from peak values. Average list prices have dropped by $21,254, median list prices by $64,900, and average sold prices by $124,575. Furthermore, both average and median sold prices per square foot have decreased by over 20%.
Peak Value Analysis: City of Austin: Focusing on the City of Austin, Median list prices have fallen by $33,589, average sold prices by $144,988, and median sold prices by $130,000. The cost per square foot has also declined, with average and median sold prices per square foot reducing by approximately 19%.
The following report, with over 580 pages, dives deep into every facet of the Austin real estate market, focusing on market cycles, affordability, and interest rates, providing essential insights for informed decision-making. Team Price Real Estate, with its expertise and data-driven approach, continues to uphold its commitment to "Where Experience Meets Insight," delivering exceptional service in the Austin real estate market.
