The world's largest real estate franchise by agent count
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.
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).