Austin Real Estate in Focus: A Detailed Market Analysis for July 2023
Volume 19; Number 30 : July 27, 2023
Current Active Listings: The Austin-Area Multiple Listing Service (MLS) currently reports a total of 12,114 active listings. This figure shows a slight increase from the same time last year when we had 11,727 active listings.
Inventory Levels: The Months of Inventory, which is based on the current level of consumption (sold properties), stands at 3.70 months. This is a 1.2x increase from last year's 3.21 months. In the City of Austin, the inventory increase is even more pronounced at 1.3x.
Pricing Trends: When it comes to pricing, the average list price for active homes in the Austin-Area MLS is $670,615, up 1.88% year over year. The average sold price this month is currently $609,040, a 1.97% decrease from last year. However, the median sold price is $464,000, showing a decrease of 7.18% year over year.
City of Austin Pricing: In the City of Austin, the median sold price last year was $650,000, and this year, it's $610,000, marking a decrease of 6.2% year over year. The average sold price to list price ratio stands at 97.91%.
Central Texas City Overview: Looking at the 30 cities in Central Texas, 13 cities (43%) have seen a month-over-month price increase, while 17 cities (57%) have experienced a decrease. Year over year, 5 cities (17%) have seen a price increase, while 25 cities (83%) have seen a decrease. So far this year, 14 cities have seen an increase in the median price, while 16 have seen a decrease.
Zip Code Analysis: When we look at the 75 zip codes in Central Texas, 35 zip codes (47%) have seen a month-over-month price increase, while 40 zip codes (53%) have seen a decrease. Year over year, 18 zip codes (24%) have seen a price increase, while 57 zip codes (76%) have seen a decrease. So far this year, 40 zip codes have seen an increase in the median price, while 35 have seen a decrease.
Sold Properties Analysis: When looking at properties that sold at, over, and under the list price, so far this month, 61.40% of all sold properties sold under the list price (compared to 61.68% last month), 21.88% sold at list price (compared to 20.90% last month), and 16.72% of all sold properties sold over the list price (compared to 17.43% last month). In January 2023, this figure was 9.71%.
These statistics provide a snapshot of the current state of the Austin real estate market. Whether you're considering buying or selling, understanding these trends can help you make informed decisions. As always, our team is here to guide you through the process and answer any questions you may have. Stay tuned for our next update, and remember, whether you're buying or selling, Team Price is here to help! Please note: All statistics are based on data available at the time of publishing. Please contact us for the most current market information.
