Austin Real Estate Stats - April 2023

Is the real estate market slow down over?   

Based on year-end numbers, it doesn't look like it just yet, but stay tuned! We are seeing an increase in buyer activity right now as we enter the Spring market.

Home Prices

Median sold prices officially dropped below 2021 numbers in December 2022, and while prices have dropped 17% since the April/May 2022 peak, they are still at least 20% higher than 2020 prices.  Preliminary numbers for January show another slight drop in prices, however, we have seen buyer activity pick up this past month indicating a likely stabilization and potential uptick in prices as we enter the Spring market which would end the decline we've seen for the past 8 months.   

Number of Homes Sold

The number of homes sold is the lowest we've seen in 5 years and down 4% compared to Dec last year and in the 4th quarter of 2022, we sold about 33% fewer homes than in the same time period in 2021.

Homes for Sale

We have seen over a 300% increase in homes coming on the market over the past few months.  Inventory increased at a rapid rate over the summer months, but now seems to have stabilized and is following the normal seasonal trend.  Over the last 5 years we have seen an increase in population as well as in the number of homes built so it is normal to expect inventory to increase year-over-year and not particularly noteworthy as long as it is following the normal market trend.

What does all of this mean for you?

If you are a buyer:  Mortgage rates have come down significantly compared to a few months ago which is bringing out buyers who were on the fence and as we enter the Spring market, we should continue to see an increase in buyer competition.  Increased inventory gives buyers more choices and lessens the chances for multiple offers, but the best homes will go quickly and garner more interest.

If you are seller: You can still benefit from the appreciate we've seen these past couple years.  Just know that there are a lot of homes competing for the same few buyers which means the the homes that are selling are staged, in great condition and priced well.

 

Call me, if you or someone you know is looking to buy or sell real estate in the Austin area, I'd love to help!

Lori Wakefield REALTOR Keller Williams Realty 512.657.4455 lwakefield@kw.com www.loriwakefield.com 1921 Lohmans Crossing, Austin TX 78734 Oh, by the way, I'm never too busy for you, or your referrals! IMPORTANT: The contents of this email and any attachments are confidential. They are intended for the named recipient(s) only. If you have received this email by mistake, please notify the sender immediately and do not disclose the contents to anyone or make copies thereof.