“Are We There Yet?”
Austin Market Stats Report | April 2023 Numbers Unpacked
The question on everyones mind since the fed hiked rates just over a year ago is “how long is this going to last?” Now the question looks more like “are we there yet?” Have we crossed the threshold of “adjustment” and can reliably start to see prices and values go up? Let’s take a look at what the April market numbers say:
By all accounts, it would appear that February of 2023 was the “bottom” of the market. When looking at the YOY contracts (or properties that have gone under contract) there was a 40% drop in the fall of 2022. Since October, the number of signed contracts has increased every month since…
Many local real estate experts, and myself included, have described the April stats word of the month as “Stabilization”. While some of the graphs above are YOY data, and that certainly tells a story, it’s the month over month that we want to focus on during a “market recovery.”
Stabilization does not mean improvement though, and our next question to bring into the coming months will be around when we can anticipate an improvement in home values. Austin appears to have returned to a seasonal market indicating that we should expect to see a natural taper into the summer months...
☟ This is what all that means for you right now ☟
The month over month days on market have gone from 14 days on average, to 63 days before homes are selling… this needs to be a mindset shift for both buyers and sellers.
Buyers: If a property has been on the market a long time, that doesn’t necessarily mean there’s anything wrong with it. Things are taking longer to sell. Period. This is a great year of opportunity to buy, IF it makes sense for you. I wouldn’t let rates scare you- you can always refinance.
Sellers: If you need to sell, we can absolutely help you with that, even during these times… if you don’t have to sell, the market is probably going to be a little better next year.
Real estate is hyper-local & hyper-situational.If you have more questions, want to see more data (my favorite!), or want to chat about what this might mean for you, I'm always happy to connect!
