Austin real estate news from Doreen for February is here. In January, median home prices dropped 6.3% to $450,000 year over year, the largest price drop since July 2011, according to the Austin Board of REALTORS® latest Central Texas Housing Report. Despite the price decrease, monthly housing inventory stayed flat at 2.7 months of inventory from December 2022, demonstrating that this market is still in need of more housing as the industry standard is that six months of available inventory is considered a balanced market between buyers and sellers.
Austin Real Estate News for Austin – Round Rock MSA shows the Central Texas housing market has come a long way from a year ago. Be mindful that both supply and interest rates are higher now which slowed down the demand.
“January’s data demonstrates the Austin-Round Rock MSA market is continuing to find a post-pandemic normal.” Ashley Jackson, 2023 ABoR president, said. “As we compare the market today to what was an abnormal market in the previous three years, looking at the year-over-year numbers needs the added context of comparing trends month-to-month. Without this context, the year-over-year data may not be as informative as the market continues to adjust.”
Median Single-Family Home Sold Prices for Austin, Georgetown, Round Rock, Leander, Elgin, Cedar Park, Buda, Kyle, and Dripping Springs
From December 2022 to January 2023, in addition to a modest change in days on market, new listings increased 63.4% to 2,988 month-to-month. This demonstrates that sellers see an opportunity in this market. At the same time, buyers also were more active in January 2023 compared to December 2022 as pending listings increased 32.4% to 2,581.
Housing inventory almost quadrupled to 2.7 months of inventory year over year for the Austin-Round Rock MSA and the City of Austin. Keep in mind there is still a long way to go before a balanced market with six months of inventory is available.
Austin Real Estate News for all of Central Texas all counties that make up the Austin Central Texas Realty Information Service (ACTRIS) and Austin – Round Rock Metropolitan Statistical Area are hovering at three months of inventory.
Austin real estate news statistics by County for January 2023
Months of inventory are calculated by taking the number of homes listed for sale and dividing it by the average amount of homes sold per month within a 12-month period.
Here is the breakdown of Austin Round Rock MSA January median sold prices and year-over-year price increases by county. This data was originally reported in the latest Austin Board of Realtors Central Texas Housing Report.
🔑Travis County — $$499,274, down 5.9% year over year
🔑Williamson County — $437,500, down 4.9% year over year
🔑Hays County —$427,665 up 7.3% year over year
🔑Bastrop County — $350,000, down 7.3% year over year
🔑Caldwell County — $316,750 up 0.6% year over year
These are January’s median sold prices for single-family fee-simple houses in Austin and the surrounding cities. I ran these numbers using MLS data from the Austin Board of Realtors. Data is for single-family houses (no condos).
Real estate news statistics for the city of Austin January 2023
Number of Active Listings for Travis, Hays, and Williamson counties
Data compiled by ACTRIS© Matrix data through ABoR. Information deemed reliable but not guaranteed and should be verified. Content is “AS IS,” without any warranty, express or implied. Results were calculated from the number of listings in the MLS at the date of the report. Off-market data not included.
Austin real estate news Original List Price to Closed Price Ratio
A market in terms of time is about 90 days. There are many homes for sale that have dropped in price having lived through more than one market as it has changed. I went back 6 months to look at the original list prices in relation to their closed prices. It was interesting to see that condominiums in Austin sold closer to the original list price than single-family houses.
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