Resilience in July Home Sales

Written By Lisa Marie Contaldi

Eight home sales (one condo) occurred this past month with an average sale of $969,106 (median price is $963,500), with an average price per square foot of $313. Last year we saw only 4 closed sales during the same time period with an average of $1,370,750; $410/sqft. Homes sold on average in 27 days (up by 14 days from July 2022). Market is somewhat soft but extremely resilient market place considering interest rates have been over 6% for over 9 months. Every sale this past month sold with financing which tells you a lot about purchasers. Closed Home prices revealed that sellers are achieving about 92.5% of their original list price (compared to 95% in 2022) or 96% of the stated list price when it sold. It’s not uncommon to see two or three price changes from list to sale as most homeowners are still attached to stronger pricing of 2020-2022. There are currently 9 active listings and 2 homes pending or “under contract”. The number of homes that expire without sale has also increased.

We had 3 new listings in July 2022 versus 8 in 2023. With tight monetary policy (high interest rates) expected to remain through 2023 and into 2024 prices could continue to soften, logically. There is no crystal ball in real estate but supply most certainly exceeds demand. On a citywide basis we have gone from a 1.6 month supply to a 3.7 month supply showing an increase of 131% in June 2023.

All data was compiled by the author using the Austin Multiple Listing Service sales and the housing supply data is provided by the Austin Board of Realtors. If you are interested in actual statistics and how they compare to your home please email lisa@lisamariecontaldi.com. Texas is a non-disclosure state therefore we cannot actual addresses and their closed sale prices unless it is for the purposes of a home value estimate. Here ‘s the summary:

Beds     Baths    Sqft      List Price      LP/Sqft  Acres    Close Price    CP/Sqft        CP/OLP  DAYS

Min      2          2          1,526    $550,000        $265.36 0.000    $550,000   $253.04         81%      3

Max      5          6          4,901    $1,350,000     $430.48 0.344   $1,380,000  $440.05         102%    71

Avg       4          3          3,179    $1,008,500     $324.14 0.212    $969,106      $313.19        93%  27

Medi 4          3          3,149    $1,012,500      $320.62 0.225    $963,500     $302.76        96%     22

Lisa Marie Contaldi

In an era where homes sell themselves, we don't just sell homes, we help clients seize opportunities and maximize value! As a top notch Broker in the Greater Austin Area since 1993 we know the city inside and out. It's our mission to empower YOU to execute timely, beneficial, decisions! As expert relocation consultants we introduce lifestyles and trends. What makes us different?? - a solid business acumen and servant's heart. We are diversified, confident collaborators who will begin laying the groundwork the minute you make a decision to move. Intero is also networked globally with a corporate office based in Silicon Valley. By broadening your network of dynamic professionals you receive a better exposure for your home when it goes on the market. Why sell by a third party with ZERO local track record? We have owned, lived and networked Austin since the 90's. A long standing track record means we have relationships already established and allows us to exceed your expectations. Join our village of homeowners who stay up to date on home values with real time data. Let us support your journey and welcome you to this one of a kind place we call Austin, Texas.

Specialties: Residential Real Estate Brokerage

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Million Dollar Guild

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First and 2nd Home Buyer Assistance

Investment & 1031 Exchange Assistance

Custom Home Building Consultation

Travis, Hays, Williamson Counties


https://lisacontaldi.com/
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