May 25, 2023 : Austin Real Estate Market Update: Volume 19, Number 21
Welcome to our weekly real estate statistics report, providing you with the most recent data on the Austin housing market. In this week's report, we'll delve into the latest trends and figures that highlight the current state of the Austin-Area MLS. From inventory levels to pricing fluctuations, we'll explore the key insights that both consumers and homebuyers need to know. Let's dive into the numbers.
Inventory and Months of Inventory: Comparing this time last year, the total number of active listings in the Austin-Area MLS has increased significantly from 6,767 to 10,991 today. This represents a 2.0x increase in overall inventory. In the City of Austin specifically, the increase in inventory is even higher at 2.7x. To put this into perspective, the Months of Inventory has risen from 1.82 months last year to 3.68 months currently, indicating a more balanced market for buyers.
Pricing Trends: The average list price for active homes in the Austin-Area MLS stands at $704,929, reflecting a 2.03% increase year over year. However, it's worth noting that the average sold price this month is $600,703, resulting in a -9.75% difference compared to last year. Similarly, the median sold price is $460,000, experiencing a -14.50% year-over-year decrease.
City of Austin Median Sold Price: In the City of Austin, the median sold price has seen a decline from $680,000 last year to $595,000 this year, indicating a -12.5% difference year over year. This adjustment presents a potential opportunity for buyers interested in the city's real estate market.
Sold Price to List Price Ratio: The average sold price to list price ratio currently stands at 97.25%. This figure highlights the general trend of homes selling close to their list price, implying a relatively stable market.
City and Zip Code Trends: Among the 30 cities in Central Texas, 67% (20 out of 30) experienced a month-over-month price increase, while 30% (9 out of 30) saw a decrease in prices. In terms of year-over-year changes, 27% (8 out of 30) witnessed an increase in prices, whereas 73% (22 out of 30) reported a decrease. Similarly, analyzing the 75 zip codes in Central Texas, 44% (33 out of 75) exhibited a month-over-month price increase, with 56% (42 out of 75) experiencing a decrease. Looking at the year-over-year perspective, 15% (11 out of 75) of zip codes observed an increase in prices, while 85% (64 out of 75) saw a decrease. Furthermore, from a year-to-date standpoint, 46 zip codes displayed an increase in the median price, while 29 zip codes experienced a decrease. Over the past 12 months, only one zip code recorded an increase in price, while 74 zip codes reported a decrease.
List Price vs. Sold Price: In terms of properties sold this month, 61.44% sold under the list price, while 20.56% sold at the list price. Additionally, 18.00% of all sold properties went above the list price. Comparing these figures to January 2023, we observe a slight decrease in the percentage of properties sold under the list price.
The Austin real estate market continues to undergo shifts in inventory and pricing. With an increase in overall inventory, buyers are presented with more options and potentially more negotiating power. Despite a decrease in median sold prices, it's important to consider the varying trends across different cities and zip codes within the Austin-Area MLS. Whether you're a buyer or seller, staying informed about these market dynamics will empower you to make well-informed decisions. Stay tuned for next week's report as we track the ever-evolving Austin real estate landscape.
