Up Up and Away Again?

Let’s dig into the details…what do the actual numbers show? Home prices appear to be stabilizing relative to what’s active in local area market. Data shows in the Austin area housing market, 60.55% of properties sold under the list price in the current month, a decrease from the previous month's 66.57%. Properties that sold at list price accounted for 20.08%, a slight increase from the previous month's 18.95%. Finally, 19.37% of properties sold over the list price, up from 14.48% the previous month. We are now seeing properties getting multiple offers once again. More properties are selling more quickly at this point.

While sold prices to date are down year over year, month over month they are up. We saw the average sold price in April so far up 7.4%% over March. And in March that number was 5.1% over February. Median sold prices are up as well. Thus far in April, they are up 4.6% over March, and in March 3.4% over February. The current sold/list price ratio is also up; it was 96.14% in Dec '22. Today it is 97.85%. Based on inventory levels, with 70% of the 30 cities in the greater area have less than 5 months of inventory. It appears we are still in a sellers market.

It’s going to be a very interesting (and likely longer) selling season in 2023.