Central Texas Housing Report - August 2023
The market remains sluggish, let's jump right into the stats. The stats I’m providing are resale homes only in Travis and Williamson Counties. More about the stats at the end. To receive the market update each month by email, register at the bottom of this page.
If you are looking to buy or sell a home in Central Texas, contact me via email or at 512-650-7300. If you prefer to read instead of watch, here are the chart and transcript.
Before we look at the figures, let me say that the stats I’m providing are resale homes only in Travis and Williamson Counties. More about the stats at the end.
In July, 1,617 resale homes closed in Travis & Williamson Counties which was down 13% from July 2022. The median price in July decreased 11% year-over-year to $490,000. Remember that last May was the peak of the Austin market. Compared to last month, the media price decreased 3.0%. Since the start of 2023, the median price is up 5.2%. In real estate, the primary way we measure home values is with the median price. But, there are other numbers worth examining. Year-over-year, the July average price of a home dropped 7.4% to $640,973 and the average price per square foot decreased by 11% to $303.
The number of available homes in July was 5,818, down 0.5% from last July. During the month, 2,399 new listings hit the market which was down 32% from last year. The big drop in new listings has been happening for quite some time and I’ve explained why in the past several episodes so if you are a new viewer, just check out an episode from the June or July to understand the situation.
The average sales price to list price ratio was 98.0%. The July sales ranged from a low of $105,000 to a high of $5,725,000. For homes that closed in July, the average days on market was 42, up from 16 last year.
Overall, the market continues to be sluggish. Fewer buyers are in the market, but there are fewer homes offered for sale so that’s helping keep prices from dropping a lot. As I mentioned, we saw a small drop last month, but prices are up about 5% for the year. I expect prices will drift downward over the next few months, but I’m not thinking about a big drop.
One other thing I want to mention. With just around 1600 sales last month, that means there were about 3200 transaction sides. There are over 19,500 agents in the Austin MLS so that means a whole lot of people didn’t sell anything. Some of us sold multiple homes last month, so that means even fewer agents sold anything. In fact, if we look at the entire year, 87% of the agents in the Austin MLS have sold 2 or fewer homes during the first six months of 2023. Yeah, that’s 1 home every 3 months. This is why experience is so important. You don’t learn or stay sharp on that kind of pace. I currently rank in the top 1% of agents in the Austin area so if you have any real estate related questions, please don’t hesitate to call or text me at 512-650-7300 or email me at [email protected]. Thanks for watching “How’s The Market in Central Texas.”
The stats I’ve cited are resale homes only in Travis and Williamson County classified as single family residential, condominium, or townhouse. This is different than the stats released by the Austin Board of Realtors which include all types of homes and also include Hays, Bastrop, and Caldwell Counties. Plus, their numbers include any new construction homes listed in the MLS.
Statistics based upon information from ACTRIS for the periods cited.