AUSTIN, TEXAS ~ October 2022 housing market statistics have been released by the Austin Board of Realtors® (ABoR). For the fifth consecutive month, the Austin-Round Rock MSA housing market continued its normalizing trend with a more sustainable rate of price growth and more available inventory. Regardless, the area hit a median sales price of $474,900—a record for the month of October.
Cord Shiflet, 2022 ABoR President, said: "With more available inventory than our area has seen in a decade and price growth stabilizing, buyers have more options today than ever before."
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 180% to 9,562, the median sales price increased by 4% to $474,900, and average days on market increased by 26 days to 47 days.
What decreased? Pending sales decreased by 40% to 2,141, closed sales decreased by 29% to 2,244, and new listings decreased by 13% to 3,255.
October housing inventory rose by 2.2 months with just 3.2 months available which still remains well below Texas A&M University’s Real Estate Center benchmark of 6 months to maintain a balanced housing market.
Heading north to Williamson County:
What increased? Active listings rose by 245% to 3,210, the median sales price rose by 7% to $460,000 and average days on market increased by 29 days to 48 days.
What decreased? Pending sales decreased by 39% to 738, closed sales decreased by 33% to 751 and new listings decreased by 12% to 1,079.
Inventory rose by 2.4 months to 3.2 months of inventory. As with the greater Austin-Round Rock metro, this is still below the Real Estate Center at Texas A&M University’s benchmark of 6 months to maintain a balanced housing market.
What does this activity mean for those looking to make a real estate move in the Austin area?
If you're selling you're still in a great 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 which will help you best understand what your home is likely to sell for given the changing dynamics of the Central Texas real estate market.
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 home growth/appreciation. 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 as well as connect you to my lending network which can assist with financing options.
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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