Austin Area Real Estate Market Update - April 13, 2023

April 13, 2023 : Austin Real Estate Market: A Comprehensive Analysis

Introduction

The Austin real estate market has seen significant changes over the past year. In this article, we'll analyze inventory levels, pricing trends, and sold price statistics in both the Austin-Area MLS and Central Texas cities and zip codes.

Austin-Area MLS Inventory and Pricing

• Total Active Listings

  The total number of active listings in the Austin-Area MLS has more than doubled, increasing from 4,848 to 10,053.

• Months of Inventory

  With this surge in inventory, the Months of Inventory has jumped from 1.43 months to 4.52 months, a staggering 3.16x increase.

• Average and Median Sold Prices

  In terms of pricing, the average list price for active homes in the Austin-Area MLS is $702,877, up 4.05% year over year. However, the average sold price this month is currently $585,246, marking an 11.26% decrease year over year. The median sold price is $449,950, showing a 15.90% drop compared to last year.

City of Austin Inventory and Pricing

• Inventory Increase

  In the City of Austin, the inventory increase is even more pronounced at 3.8x.

• Median Sold Price

  Focusing on the City of Austin, the median sold price last year was $660,000, whereas this year it's down to $600,000—a 9.1% decrease year over year.

• Sold Price to List Price Ratio

  The average sold price to list price ratio now stands at 97.26%.

Central Texas City and Zip Code Analysis

• Month-over-Month Price Changes

  Looking at the 30 cities in Central Texas, 53% of cities have experienced a month-over-month price increase, while 47% have seen a decrease.

• Year-over-Year Price Changes

  On a year-over-year basis, only 17% of cities have had a price increase, with a staggering 83% experiencing a decrease.

• Year-to-Date Median Price Changes

  So far, 9 cities have had a year-to-date median price increase, while 21 have seen a decline.

Properties Sold at, Over, and Under List Price

• Sold Under List Price

  Now, let's examine properties that sold at, over, and under the list price. So far this month, 58.25% of all sold properties went under the list price, compared to 66.48% last month.

• Sold At List Price

  Meanwhile, 20.00% sold at list price, slightly up from 18.91% last month.

• Sold Over List Price

  Finally, 21.75% of all sold properties went over the list price, a substantial increase from 14.61% last month and 9.76% in January 2023.

Conclusion

In conclusion, the Austin real estate market has undergone significant changes in the past year, with inventory levels rising dramatically. While average list prices have increased, average and median sold prices have generally decreased. This trend is also evident in Central Texas cities and zip codes. With a higher percentage of properties selling under list price, it seems buyers may have more negotiating power in the current market