AUSTIN, TEXAS ~ January 2023 housing market statistics have been released by the Austin Board of Realtors® (ABoR). For the eighth consecutive month, the Austin-Round Rock MSA housing market continued its normalizing trend with more available inventory but for the third consecutive month in a row, the Austin-Round Rock MSA median sales price did not increase - it declined 6.3% versus 2022 with the largest price drop since July 2011. In Williamson County, the median sales price declined by 4%.
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? Active listings rose by 462% to 7,323 and new listings increased by 16% to 2,988. Average days on market increased by 47 days to 76 days. Housing inventory increased by 2.3 months to 2.7 months available which still remains well below the Texas A&M University’s Real Estate Center benchmark of 6 months to maintain a balanced housing market.
What decreased? Closed sales decreased by 27% to 1,634 and pending sales decreased by 16% to 2,581. The median sales price decreased by 6.3% to $450,000.
Heading north to Williamson County:
What increased? Active listings rose by 654% to 2,383, new listings increased by 6% to 892, and average days on market increased by 59 days to 85 days. Months of inventory rose by 2.2 months to 2.5 months of inventory. As with the greater Austin-Round Rock metro, this is still well below the Real Estate Center at Texas A&M University’s benchmark of 6 months to maintain a balanced housing market.
What decreased? Closed sales decreased by 26% to 556, and pending sales decreased by 11% to 909. The median sales price decreased by 4% to $437,500.
What does this activity mean 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 rising supply coupled with the softer median home price. If you'd like to speak with my clients who have recently closed or who are under contract, I'm happy to provide you with their contact information. 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 longer on the market than a few months ago. 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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