Here are the March/2023 MLS single-family statistics for Austin, TX:
March
reflected much of the same that our Austin metro home market has done the 1st
quarter of this year with all red categories. However, there were some
positive trends, too, like:
- The % increase for listings over 2022 was the lowest in March;
- The % increases for Pendings, Sales, Inventory and Activity Index all dropped for the 3rd month-in-a-row;
- Our 2.8 months of inventory are well below 6.0 months which typically reflects a market in equilibrium (neither buyers or sellers have an advantage)
Our
ridiculously-hot Covid real estate market lasted for roughly 48 months:
Jun/2020 thru May/2022. In light of that, we can’t honestly compare any
month’s sales statistics to the previous year due to the large disparity between
a normal market and the Covid market. The exceptions to this are when we
are comparing Covid months to Covid months like Jun/2021 to Jun/2020, Jul/2021
to Jul/2020, and so on up until May/2022 to May/2021. This means we
shouldn’t be comparing the first 5 months of 2023 with the first 5 months of
2022. So, as I did last month and will do for the next 2 months (thru
May/2023), I ran a 2nd chart (above) comparing the 5 pre-Covid months to a
month in 2023 to better compare the last few months of our Covid market with
what Austin’s market looked like pre-Covid. Doing so provides the following:
- Our 2.8 months of inventory in Mar/2023 were only .67 more than we averaged in the 5 years pre-Covid;
- Our median sale price is still about $162,200 over our average for 2015-2019 (+19%) and even $145,000 (+50%) over our last full pre-Covid March in 2019. 50% = 12.5%/yr average annual appreciation since 2019;
- Our average prices are up $202,391 (+18%) over 2015-2019 average and $181,371 (+47%) over Mar/2019. 47% = 11.8%/yr average annual appreciation since 2019.
(512) 853-0110 or robert@AustinTxHomeSales.com
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