AUSTIN, TEXAS ~ August 2023 housing market statistics have been released by the Austin Board of Realtors® (ABoR).
For the 15th consecutive month, the Austin-Round Rock MSA housing market continued its normalizing trend with more available inventory, and for the 10th consecutive month in a row, the Austin-Round Rock MSA median sales price did not increase - it declined 7% versus 2022. Closed sales rose by 1.4% to 2,939 sales, the first increase in closed sales year-over-year since February 2022. Let's take a closer look at the year-over-year highlights for the Austin-Round Rock MSA and Williamson County. In the Austin-Round Rock MSA:
What increased? Average days on market increased by 28 days to 60 days, active listings increased by 12% to 9,955, pending sales increased by 2% to 2,686, closed sales increased slightly by 1% to 2,939, new listings increased by <1% to 4,084. Housing inventory increased by 1 month to 3.8 months available which still remains below the Texas Real Estate Research Center at Texas A&M University's benchmark of 6 months to maintain a balanced housing market. It's also the most housing inventory the Austin-Round Rock MSA has experienced since well before Covid.
What decreased? The median sales price decreased by 7% to $460,000.
Heading north to Williamson County:
What increased? Pending sales increased by 5% to 906, closed sales rose by 1% to 971 and average days on market increased by 28 days to 59 days. Months of inventory rose by 0.3 months to 3.2 months of inventory. As with the greater Austin-Round Rock metro, this is still well below the Texas Real Estate Research Center at Texas A&M University's benchmark of 6 months to maintain a balanced housing market.
What decreased? The median sales price decreased by 8% to $435,516, new listings decreased by 14% to 1,241, and active listings decreased by 7% to 2,867.
What do these metrics indicate for those looking to make a real estate move in the Austin area?
If you're looking to purchase a home or investment property, now is a good time to take advantage of the softer median home price. If you'd like to speak with my clients who have recently closed or who are under contract, they are happy to share their experience working with me. If you're looking for financing options, I can also connect you to my trusted lending network which can help you explore options - estimates are free!
If you're selling you're still in a solid position to make a timely move despite the fact that there's increased competition and homes are remaining on the market longer than last year. Contact me and I can provide you with a complimentary, current competitive market analysis for your home. This will help you understand what your home is likely to sell for given the changing dynamics of the Central Texas real estate market.
Ready to make your next real estate move? Contact me and let's discuss your goals and the current market conditions and let's set a plan into action to leverage both to your advantage!
Joe Paul Reider
Home Style Austin Founder Austin Realtor®, CLRA Keller Williams Realty, Inc.
Email: JoePaul@KW.com Mobile: 512-222-3302 Web: JoePaulReider.KW.com
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