Austin Real Estate Market Analysis - March 07, 2024
by: Team Price Real Estate, Unmatched Agents, Unrivaled Insights
Published on: Thursday, March 07, 2024 at 12:51pm
Updated Market Overview: In the latest update on the Austin-area MLS, the total number of active listings has seen a slight decrease from 10,809 to 10,792, marking a -0.2% change compared to the previous year. This adjustment hints at a subtle shift in the market dynamics. Additionally, the Months of Inventory have expanded by 12.6%, rising from 2.90 to 3.27 months, indicating a potential increase in available inventory that could influence market trends.
Pricing Dynamics in Austin Real Estate: Analyzing the pricing dynamics, there has been a notable increase in both the average and median active listing prices. The average active listing price has risen by 5.2% to $569,798, while the median active listing price has experienced a more modest 1.1% growth, reaching $445,000. On the transaction side, the average sold price has seen a significant uptick of 5.6% to $552,037, with the median sold price also showing an increase of 2.4% to $435,000.
City and Regional Dynamics: Zooming into Austin's city limits, the data reveals a marginal decrease in the total number of active listings by -0.1%. Despite this, there has been a substantial increase in the Months of Inventory, surging by 28.3% from 2.31 to 2.96 months. However, both average and median active listing prices in the city have experienced fluctuations, with the average price rising by 3.0% to $749,868, while the median price has decreased slightly by -1.7% to $574,900.
Central Texas Cities and Zip Code Analysis: Examining the pricing trends across Central Texas cities and zip codes, it's evident that price fluctuations vary. In the month-over-month comparison, 47% of cities have seen price increases, while 53% have faced decreases. Year-over-year, 40% of cities have encountered price growth, contrasting with 60% experiencing declines. Similarly, among the 75 zip codes analyzed, 53% reported monthly price growth, while 44% observed annual increases.
Sales vs. List Price Analysis: The sales-to-list price ratio remains relatively stable at 97.28%. However, the distribution of properties sold at, above, or below the list price has shifted slightly. This month, 67.13% of properties sold below the asking price, compared to 72.37% in the previous month. Conversely, sales at the listed price have increased to 20.74%, while those above the listed price account for 12.13% of transactions.
Peak Value Analysis: Austin-Area MLS: Analysis of peak values indicates a downward trend across the Austin-Area MLS. Both average and median list prices have decreased, with average list prices dropping by $21,254 and median list prices by $64,900. Similarly, average and median sold prices per square foot have seen declines of over 20%.
Peak Value Analysis: City of Austin: Focusing on the City of Austin, median list prices have fallen by $33,589, while average sold prices have decreased by $144,988. Additionally, median sold prices have experienced a decrease of $130,000. The cost per square foot has also declined, with average and median sold prices per square foot reducing by approximately 19%.
The following report, with over 580 pages, dives deep into every facet of the Austin real estate market, focusing on market cycles, affordability, and interest rates, providing essential insights for informed decision-making. Team Price Real Estate, with its expertise and data-driven approach, continues to uphold its commitment to "Where Experience Meets Insight," delivering exceptional service in the Austin real estate market.
