Days on Market growing
River Place Sales April 2023 8 units
Beds Baths SqFt List Price List/Sqft Acres Close Price CP/SqFt CP/LP% CP/OLP DOM
Min 3 3 2,617 $799,000 $264.72 0.211 $799,000 $239.41 90.00% 75.00% 4
Max 5 6 5,428 $7,500,000 $1,381.72 1.024 $6,900,000 $1,271.19 112.00% 112.00% 245
Avg 4 4 3,595 $1,825,375 $439.27 0.353 $1,746,250 $424.29 97.88% 93.88% 60
Med 4 3 3,405 $1,012,500 $299.11 0.257 $975,500 $299.11 97.00% 96.50% 30
River Place Sales April 2023 (adjusted*) 7 units
Beds Baths SqFt List Price LP/SqFt Acres Close Price CP/SqFt CP/LP% CP/OLP DOM
Min 3 3 2,617 $799,000 $264.72 0.211 $799,000 $239.41 90.00% 75.00% 4
Max 5 4 4,014 $1,470,000 $412.11 0.32 $1,650,000 $462.57 112.00% 112.00% 245
Avg 4 3 3,333 $1,014,714 $304.63 0.257 $1,010,000 $303.30 98.71% 94.14% 63
Med 4 3 3,396 $1,000,000 $292.91 0.239 $961,000 $292.91 97.00% 97.00% 23
*River Place Sales Adjusted gives a better picture of the market for homes (we don’t have that many $7M listings therefore I removed it so that you can see what the averages are without that anomaly).
OLP = Original
List PriceLP = List Price
DOM = Days on Market
CP/OLP = closed price to current list price as a %
CP/OLP = closed price to original list price as a % (valuable)
All data from Austin Board of Realtors for the month of April 2023
Everyone knows that hind site is 20/20. With rates over 6% inventory starts to increase (3 of the 8 sales this month were cash) Eleven new listings went on the market in April and 8 sales occurred. One oversized sale ($6.9M on Lake Austin took place.) On average homeowners are receiving 94% of their original list price per the data above. Keep in mind prices last year were much more representative of the “unicorn years” of 2020 and 2021 (where we saw more than 20% increase in home prices) in Austin. Since this is the FIRST TIME this has happened in our housing history in several counties of the Greater Austin area, overall we are experiencing steeper declines than other states around the country.
The Austin Board of Realtor reported In April, home sales decreased 31.0% to 740 sales, while sales dollar volume decreased 34.8% to $543,967,464. At the same time, median price decreased 11.4% to $565,000 for the City of Austin. Last month, new listings slightly decreased 0.6% to 1,359 listings, active listings skyrocketed 216.0% to 2,357 listings as pending sales declined by 9.9% to 949 pending sales. Monthly housing inventory increased 2.5 months year over year to 3.2 months of inventory.
A six month supply is a buyers market (seriously at about 3-4 month supply of homes buyers have lots of options). It’s a great time to sell. Call me with any questions! 512-784-5111.
