Weekly Austin Real Estate Market Update: April 18, 2024
Detailed Statistics & Insights
Austin Real Estate Market Analysis - April 18, 2024
by: Team Price Real Estate, Unmatched Agents, Unrivaled Insights
Published on: Thursday, April 18, 2024 at 1:22 pm
Updated Market Overview: Over the past year, the Austin-area MLS has seen significant growth in active listings. Comparing the numbers from 2023 to 2024, there's been a notable increase from 11,013 to 12,691 active listings, marking a 15.2% rise. This surge in listings indicates potential shifts in the market dynamics. Furthermore, the Months of Inventory metric, which gauges the supply of homes relative to demand, has expanded by 26.3%, climbing from 2.90 to 3.67 months.
Pricing Dynamics in Austin Real Estate: Analyzing pricing trends reveals a slight uptick in the average active listing price in the Austin area, rising by 1.3% to $589,317 compared to the previous year's $581,691. Similarly, the median active listing price has remained unchanged at $450,000. On the transaction side, the average sold price has experienced a moderate increase of 1.7% to $573,419, with the median sold price showing a modest decrease of 0.6% to $440,000.
City and Regional Dynamics: Zooming into Austin's city limits, there's been an 18.5% increase in the total number of active listings, rising from 3,225 to 3,823 properties. Despite this rise, there's been a substantial surge in the Months of Inventory, climbing by 43.9% from 2.48 to 3.58 months. However, both average and median active listing prices in the city have experienced growth, with the average price rising by 1.9% to $795,093, and the median price showing a minimal change at $589,990. On the transaction side, the average sold price has increased by 2.3% to $773,693, while the median sold price has risen by 0.9% to $580,000.
Central Texas Cities and Zip Code Analysis: Examining pricing trends across Central Texas cities and zip codes, fluctuations vary. In the month-over-month comparison, 60% of cities have seen price increases, while 40% have faced decreases. Year-over-year, 40% of cities have encountered price growth, contrasting with 57% experiencing declines. Similarly, among the 75 zip codes analyzed, 48% reported monthly price growth, while 51% observed annual increases. From the peak in the past 12 months, no cities or zip codes have seen price increases, while all have decreased.
Sales vs. List Price Analysis: The sales-to-list price ratio remains relatively stable at 97.70%. However, the distribution of properties sold at, above, or below the list price has shifted slightly. This month, 62.64% of properties sold below the asking price, compared to 65.66% in the previous month. Conversely, sales at the listed price have increased slightly to 22.01%, while those above the listed price account for 15.35% of transactions.
Peak Value Analysis: Austin-Area MLS: Analyzing peak values across the Austin-Area MLS indicates mixed trends. Comparing current figures to the peak month in April 2024, the average list price remains unchanged at $758,239. However, the median list price has experienced a slight decrease from $539,900 to $525,000, reflecting a 2.76% drop. Similarly, the average sold price has slightly decreased from $664,515 to $612,275, representing a decline of 7.84%. The median sold price has also seen a decrease from $538,000 to $465,000, marking a reduction of 13.57%.
Peak Value Analysis: City of Austin: Focusing on the City of Austin, the comparison to peak values reveals further insights. In April 2024, both the average and median list prices remained steady at $995,786 and $675,000, respectively. However, the average sold price has experienced a decrease from $847,583 to $805,317, representing a decline of 4.99%. The median sold price has also seen a decrease from $680,000 to $599,000, marking a reduction of 11.91%. Furthermore, both the average and median sold prices per square foot have decreased by approximately 14.71% and 16.28%, respectively.
The following report, with over 600 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.
