Last month I highlighted that the number of new pending transactions in June and July, though far behind 2019-2021, did exceed 2022 numbers and perhaps indicated an improvement in market conditions. To be clear, pendings were still declining each month after peaking in April but were not dropping at the same rate they had in […]
In terms of inventory, the market is continuing to get more top-heavy, with inventory significantly increasing at price points above 2M. Looking at combined months of inventory above $2M, there is 10 months of inventory. Median sold prices continue to track very closely with 2021. The aggregate median sold price from June to July roughly […]
Remember back in January when that Goldman Sachs forecast got a lot of attention with their warning that prices in 4 US cities, Austin being one of them, could see “boom-and-bust declines of more than 25%”? I provided some background on that forecast and how they might have arrived at that number back in my […]
We are half-way through 2023 and clearly this year has a very different feel from the last several. A few things I have heard: Demand for move-in ready homes is higher because the cost of construction (materials, labor, etc.) has risen so much. Neither buyers nor sellers are particularly motivated, looking for opportunities but not […]
May 2023 has come and gone and the numbers are in. I have mentioned previously that based on MLS data, May 2022 recorded the highest median sold price for Austin residential real estate (single family homes): $730,000. And May 2023? Based on MLS data: ~635,000. It is interesting that 2023 numbers are tracking very closely […]
-10% April 2023 median sold price vs. April 2022 median sold price (MLS data) In May of 2022 the median sold price in Austin, according to MLS data, peaked ~730K. I mentioned in an earlier article that 2023 would be the year of the tough compare. And that is what is happening… so far in […]
The first quarter of 2023 is in the books and activity is following the more typical seasonal trend and things are starting to pick up, though still lagging prior years in some metrics. New Listings: As I mentioned in last month’s update, March is usually when we start to see the number of new listings […]
Two months into 2023 and it is still anyone’s guess about what the broader economy is going to do, but Austin real estate has shown an uptick in activity (though it is still well below last year or previous years). New Listings: Overall, new listings in February were basically flat with January, which is not […]
Last week there was a lot of buzz about a Goldman Sachs forecast predicting that several major markets in the US, including Austin, “will likely grapple with peak-to-trough declines of over 25%”. I don’t know exactly how they came up with that, but I have an idea. I pulled MLS data back to 2004 and […]
Using MLS data, looking at single-family-residential (SFR) homes in the City of Austin, this article provides a summary of real estate market activity and performance for 2022. Some interesting insights on price appreciation, inventory, and activity!
