Here are the October/2022 MLS single-family statistics for Austin, TX:
The
overall look of our Austin metro home sales market has been like a broken
record since May of this year: 6 red categories and 2 green ones.
Fortunately for home sellers, the green categories have been with average and
median prices so no drop in sale PRICES in Austin this year! I emphasize this
because there is a lot of media reporting that home prices are dropping here,
but that is only half true: LISTING prices have dropped due to the slowing market,
but SALE prices have not. Listing prices represent activity
while sale prices represent results which is a much more important number–since that
is what Realtors have always used in our Comparative Market Analysis (CMA)
created for potential sellers. The sale price of recent
sales for homes that are comparable to the home sellers’ are the only valid
metric we can use to help them determine their listing price.
Continuing with the updated chart below as I have the past few months clearly shows the factual data for our Austin metro real estate market the past few years. I say factual because there are many who report how the “sky is falling” here in Austin which is simply not true. Look at the home prices since May/2022 when the rising interest rates began taking their greatest toll on our market. You can clearly see that we have not only gone below 0% for any month, our slowing prices actually bottomed out in September and rose some in October.
To look at things from a different perspective, I calculated the prices and equity for an Austin home buyer who purchased an average-priced home here in January of 2019, 2020, 2021 and 2022. As you can see below, our 2019 buyer has gained $316,035 (+84%) on their original $374,894 home in the nearly 4 years since they purchased it. Even our 2022 buyer has gained $83,219 (+14%) in only 10 months of this, our “slowdown year”! So, when you read the doom and gloom articles that are everywhere, make sure you consider the facts I’ve presented here. With recent news that our inflation rate may have topped out and a recent drop in mortgage rates may be a forecast that we only have a few more months before we turn back up next spring here in Austin.
(512) 853-0110 or robert@AustinTxHomeSales.com
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