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        Austin Real Estate Market Update - October 26, 2023

        Trends, Insights, and Analysis

        Volume 19; Number 43

        Welcome to our weekly analysis of Austin's real estate market as of October 26th, 2023. In this data-driven exploration, we will delve into the latest insights and trends shaping Austin's real estate landscape, focusing on supply and demand metrics, price analysis, city and regional dynamics, zip code trends, and sales versus list prices.


        Supply and Demand Metrics:  A year ago, the Austin-Area MLS boasted 12,787 active listings. Today, the total number of active listings in the entire Austin-Area MLS is 12,691, reflecting a slight decline of -0.8%. Examining the "Months of Inventory" metric, we observe an increase from 4.16 months to 4.78 months year-over-year, signifying a 14.9% uptick. This shift suggests a market that is gradually becoming more favorable for buyers, as increased inventory offers a broader selection of options.


        Price Analysis: Turning our attention to pricing, the average list price for active homes in Austin's MLS stands at $677,406, showing a 1.1% year-over-year increase. However, the average sold price for this month is currently $564,015, indicating a decrease of -2.31% year-on-year. Meanwhile, the median sold price is $430,000, marking a more substantial decrease of -6.32% year-over-year. These figures underscore the dynamic nature of Austin's real estate market, where listing prices are on the rise, but actual sale prices are experiencing downward pressure.


        City and Regional Dynamics: Zooming out to Central Texas' 30 cities, we observe a mix of month-over-month and year-over-year trends. Approximately 40% of these cities have witnessed month-over-month price increases, while 57% have experienced declines. On an annual basis, 20% of these cities have reported price rises, while 80% have witnessed decreases. These statistics highlight the localized nature of the real estate market, where each city can have its unique trajectory, influenced by various factors.


        Zip Codes Analysis: In our granular analysis of the 75 Central Texas zip codes, we find similar trends. About 43% of these zip codes have recorded month-over-month price gains, while 56% have seen decreases. Year-over-year, only 27% of zip codes have noted price increases, while a substantial 72% have reported declines. This data emphasizes the diversity of the real estate landscape, where some areas are experiencing growth, while others face price contractions.


        Sales vs. List Prices: The data reveals that approximately 67.58% of properties sold this month went for less than the list price, indicating a buyer's market. This represents a notable increase from the previous month's 65.63%. Around 20.01% of properties sold at the list price, maintaining stability compared to the prior month. Notably, properties sold above the list price accounted for 12.41%, reflecting a modest decrease from the preceding month's 12.14%. Back in January 2023, 9.71% of properties sold above the list price.


        In conclusion, our data-driven analysis provides a comprehensive overview of Austin's real estate market on October 26th, 2023. Whether you're a buyer, seller, or investor, understanding these technical aspects is crucial for making informed decisions in this dynamic market. For a deeper dive into Market Cycles, Affordability, Interest Rates, and more, we invite you to explore our comprehensive 550-page report.


        Stay tuned for next week's updates on Austin's housing scene, and feel free to reach out if you have any questions.​

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        Austin Area Residential Sales Insights

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