Six units sold this past month February 2023

Despite a lot of negative news in the real estate across the country, six units sold in February. Currently the number of active listings on the market is 8 with a list price per square foot of $324/sqft average (the median $326/sqft). We excluded one active listing in these figures which is listed at $7.5M that was excluded from the averages (examining the neighborhood as a whole versus by the highly valued waterfront section of River Place).

The average sale price in February was $927,417. The homes sold on average at $308 per square foot and $315 was the median price per square foot within 48 days in February 2023, and year to date the average days on market was 80 days. The last quarter of the year usually produces longer times on market for closings that occur in January and February. We expect a healthy inventory of homes in River Place on market this year (although it will not be as active as the three prior years) resembling 2019.

Homes are selling at about 95% of list price compared to 103% of list price in 2022 when interest rates rates were much lower. Since June, rates were at 5%. We saw the market take a dip following that time. It has relaxed a bit and homebuyers are more comfortable making decisions. Of the 48 homes that sold in 2022 25% (12) sold using cash hence financing affected 75% of the home sales in the neighborhood. Since January of 2023, 33% of the units sold (3) used cash.

All information was compiled using Multiple Listing service using Data from 2/28/23 from the Austin Board of Realtors.