Weekly Statistics : Austin Real Estate Trends and Analysis
Volume 19; Number 20 : May 18 2023
May 18, 2023 : Austin Real Estate Market Update: Increased Inventory and Varied Price Trends
The Austin real estate market has experienced notable changes in the past year, with a significant increase in active listings and a shift in pricing trends. In this article, we will delve into the latest data and provide an overview of the current state of the market in the Austin area.
Comparing the numbers from this time last year, the total number of active listings has risen from 6,766 to 10,770 in the entire Austin-Area MLS. This represents a substantial increase in inventory, with a multiplier of 2.x, and specifically in the City of Austin, the increase in inventory is 2.6x. The current level of consumption, as indicated by sold properties, has resulted in a Months of Inventory figure of 3.69 months. In contrast, the Months of Inventory was 1.82 months at this time last year, showcasing a significant rise in housing supply.
The average list price for active homes in the Austin-Area MLS stands at $705,013, reflecting a year-over-year increase of 2.54%. However, the average sold price this month is $589,345, indicating a year-over-year decrease of -11.46%. The median sold price has also experienced a decline, with this year's figure at $450,000, representing a -16.36% difference compared to last year. Focusing on the City of Austin, the median sold price has decreased from $680,000 last year to $595,000 this year, signifying a -12.5% difference in median price year over year. The average sold price to list price ratio currently stands at 97.25%, indicating that, on average, properties are selling very close to their list prices.
Among the 30 cities in Central Texas, 20 cities (67%) have experienced a month-over-month price increase, while 9 cities (30%) have seen a decrease in prices. Looking at the year-over-year data, 6 cities (20%) have witnessed a price increase, whereas 24 cities (80%) have reported a decrease in prices. Analyzing the 75 zip codes in Central Texas, 33 zip codes (44%) have observed a month-over-month price increase, while 41 zip codes (55%) have experienced a decrease in prices. In terms of year-over-year performance, 17 zip codes (23%) have shown a price increase, while 58 zip codes (77%) have reported a decrease in prices.
Year-to-date, 17 cities and 44 zip codes have witnessed an increase in median prices, while 12 cities and 29 zip codes have seen a decrease. From the peak in the past 12 months, 2 cities and 5 zip codes have experienced an increase in prices, while 28 cities and 69 zip codes have reported a decrease.
Examining the properties sold so far this month, 61.33% sold under the list price, 20.66% sold at the list price, and 18.01% sold over the list price. Comparatively, last month, 66.57% sold under the list price, 18.95% sold at the list price, and 14.48% sold over the list price. In January 2023, 9.71% of all sold properties were sold over the list price. The market continues to present opportunities for both buyers and sellers, with properties selling at different price points relative to the list price. Please note that the data and statistics provided are based on the information available at the time of writing and may be subject to change.
