Austin Real Estate Market Insight: Analysis and Summary
Welcome once again to our weekly analysis of Austin's real estate market. As we move deeper into 2023, it remains pivotal to understand the nuances of recent market fluctuations. Here's a comprehensive breakdown of how this month's data contrasts with previous figures.
Inventory and Supply: Starting with the number of homes on the market, there's been a minute decrease from 12,943 active listings last year to 12,875 in the current Austin-Area MLS. The "Months of Inventory", an integral indicator of market health, has climbed to 4.53 months from 3.96 last year – a 1.1 times increase. Intriguingly, within the City of Austin, the escalation in available homes is slightly sharper at 1.2 times.
Price Dynamics: Focusing on the financials, the average list price for active homes in the Austin-Area MLS is now $677,029, representing a 2.03% rise year-over-year. The average sold price this month is pegged at $571,548, marking a 1.56% reduction from last year. The median sold price has tapered off to $440,000, reflecting a 4.33% year-over-year dip. In the heart of Austin, the median sold price is nearly unaltered with a minor 0.1% year-over-year increase to $575,000.
City and Regional Insights: Broadening the horizon to the 30 cities within Central Texas, 14 (or 47%) have reported month-over-month price augmentations, while 15 cities (or 50%) have observed reductions. Yearly, a mere 5 cities (or 17%) have reported price ascensions, with a substantial 25 cities (or 83%) facing reductions. Cumulatively this year, 16 cities have seen median price increments, with 14 experiencing decreases. Notably, from the peak prices of the past year, 29 cities have seen a downturn, with none reporting any surge.
Zip Code Deep Dive: Within the 75 Central Texas zip codes, 34 (or 45%) have seen month-over-month price increments and 41 (or 55%) have noted reductions. Year-over-year, only 19 zip codes (or 25%) have recorded price rises, contrasting with 56 zip codes (or 75%) facing declines. Collectively this year, 43 zip codes have seen a median price rise and 32 have observed a dip. Alarmingly, from their 12-month peak prices, a whopping 69 zip codes have seen declines with none showcasing any rise.
Sales vs. List Prices: In terms of actual sales, about 65.62% of all properties sold this month were transacted below the list price, a subtle increase from last month's 64.55%. Around 21.98% met the list price, a number consistent with last month's 21.57%. Properties that were sold above the list price were 12.40%, a small drop from 13.88% in the preceding month and 9.71% in January 2023.
Concluding Thoughts: The Austin housing scene is ever-changing. Whether you're looking to buy, sell, or invest, it's always a good idea to stay updated. Look over our extensive report, filled with over 550 pages. Topics covered range from Market Cycle and Affordability to Interest Rates and more.
Check back next week for more updates on Austin's housing scene and call us if you have any questions.
