June 2023 Market Stats

An explanation of the June 2023 Market Stats for the Austin area:

Let’s dive into the fascinating world of real estate metrics and explore the correlation between various factors that play a crucial role in the buying and selling process. Whether you’re a buyer or a seller, understanding these metrics is vital in making well-informed decisions and maximizing the potential of your real estate endeavors.

Let’s start by examining the Months of Inventory, which currently stands at 3.7 months for the Austin MLS area. This metric represents the number of months it would take to sell all the available inventory on the market if no new listings were added. A lower number indicates a seller’s market, where demand outpaces supply, leading to potentially higher prices. Conversely, a higher number suggests a buyer’s market, where supply exceeds demand, giving buyers more negotiating power.

This MOI number is a year over year increase of 1.6 months. This substantial rise indicates a shifting market dynamic, transitioning from a seller’s market to a more balanced or even a buyer’s market. This change is offering buyers more options and potentially more favorable terms.

Looking at Average Days on Market, the Austin area currently stands at 61 days. This metric provides valuable insights into the pace at which homes are being sold. A lower number suggests a fast-moving market, where properties are in high demand and tend to sell quickly. Conversely, a higher number indicates a slower market, where homes may linger on the market for a more extended period, potentially necessitating strategic pricing and marketing strategies.

The Median sales price for June is $483,000. This metric represents the middle point of all the sold prices in the Austin area. It gives buyers and sellers an idea of the general price range they can expect when entering the market. A higher median sold price often signifies a more affluent neighborhood or an area with high demand and limited supply. 

The number of closed sales is down by 8% from last year. We are also seeing a lower number of new listings overall, but that could be reflective of a slower seasonal summer market. There is still activity in the market as reflected in the number of pending sales, which is a 19% increase over last June.