Median Sales Price is continuing the trend for 2022. For the first time in a long time Median Sales Price growth year over year shows as a negative number for December 2022.
Active listings continue to be very high - 7,493 active listings which is 275% over December 2021. The average days on market for December 2022 was 73 days, which is up 47 days year over year and up 15 days from November 2022.
Looking at 2022 as a whole, median sales price was up 11.4% to $503,000 while sales dollar volume decreased by 9.8%, pending sales dropped by 24.2% and there were 45,949 more homes listed at the end of the year compared to the beginning of the year.
On average homes sold for less than the original listing price in 2022, and new list prices reflect the trend of the year. However, we are entering into what usually is a seasonal peak at the beginning of the year, and we are seeing increased activity in January with more clients curious and ready to start looking around for homes and sales listings getting more traction than they had in December and November.
Demand in the Austin area housing market remains high and with continuing challenges in supply chain, construction cost and labor issues inventory level remains an unknown for 2023. There is a 6 week lag in market data provided by the Austin Board of Realtors, but a licensed and experienced Realtor can provide insights into how the market is shifting and moving in real time. If buying a home is in your plans for 2023, now is a good time to build your relationship with your Realtor and start watching the market closely.
With 15+ years of experience in the larger Austin area and close connections in this industry, we keep a pulse on what's going on in the market. Reach out to us with any questions you may have!
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