Hopefully, we are ending the last of a tumultuous string of 3 years in our country in just a few more weeks when we can ring in the new year. Our strong Austin real estate market, however, persisted through the dramatic interest rate increases since the beginning of this year. This kept home prices up here, overall, and have allowed us to not slip into negative appreciation. Time will tell but I believe we may end 2022 (Nov & Dec numbers still due) avoiding this altogether due to Austin’s continuing low inventory of homes and strong buyer demand.
I haven’t shared the 3 graphs below in a couple months about Austin home sales, average price of homes sold and the months of inventory. While our number of homes has dropped from a high of 3,560 in May to 2,244 in Oct (59% drop); our average sales price has only dropped from $681,439 to $599,924 in Oct (13% drop); and our months of inventory has gone up from .30 months in Feb to 3.25 (up 10.8 fold). This inventory stats for Austin is very important because, while inventory up 11 times doesn’t sound like something to brag about, it still represents a number that is only 54% of where we need to reach to get into a seller’s market (6+ months).
(512) 853-0110 or robert@AustinTxHomeSales.com
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