Eleven Oaks Realty is proud to present their December 2023 Austin Real Estate Price Report measuring activity in the single family home market.
Austin is in an Even Stronger Seller’s Market Despite the Winter Slowdown
This December presented an interested shift in the typical trends we see, which is an increase in inventory and a slow down in sales. Though we did see a slow down in sales (totally normal as buyers focus on the holidays and end of year activities), we did see a decrease in inventory, driving us even deeper into a seller’s market. in December 2023, there was 3.13 months of inventory on the market, showing a 24.4% decrease in month over month comparisons. The average list price to sold price was 96.2%, showing an 0.61% decrease in month over month comparisons. The median time to sell a single family home in Austin was 48 days, showing a 6.67% increase in month over month numbers. The median sold price was $570,000, showing a 4.32% decrease in month over month comparisons.
What does this mean for sellers? Sellers should welcome the decrease in inventory as it means less competition for the buyers that are in the market. As the spring market picks up, we will see more homes listed for sale. Though we typically see more buyers too, those buyers will have more choices. Sellers should be pleased to see we are in the middle of a seller’s market and not teetering on a balanced market as that should give them a little bit more leverage to get more for their homes. As we get deeper into January, buyers will start to pick their home searches back up and for sellers who prepare their homes to meet their next owner, they will have a successful sale.
What does this mean for buyers? Though we are in a sellers market, it’s one of the softer sellers markets that we’ve seen in the previous five years which means buyers can do more to name their terms and negotiate prices. Sellers are taking 96.2% of their list prices, on average, which is less than the 100%+ that we saw for so many months. Buyers who can be decisive and make offers will likely beat out other buyers who think they have time. The best homes are selling quickly, sometimes even in one weekend, so though the median time to sell is 48 days, buyers who can be decisive will avoid competition from buyers who want to take their time and take a few weeks to think about it.
2.7% Increase in Median Sold Price
In December 2023 the median sold price of a single family home in Austin was $570,000 compared to $555,000 in December 2022, showing a 2.7% increase in year over year numbers. Last month, the median sold price was $595,720, showing a 4.3% decrease in month over month comparisons.
13.5% Decrease in Number of Closed Properties
In December 2023, there were 511 single family homes that closed escrow compared to 591 homes in December 2022, showing a 13.5% decrease in year over year comparisons. Last month 467 homes closed escrow, showing a 9.4% increase in month over month comparisons.
0.1% Decrease in Average List Price to Sales Price
In December 2023, the average list price to sales price ratio for single family homes in Austin was 96.17% compared to 96.26% showing an 0.1% decrease in year over year comparisons. Last month, the average list price to sales price was 96.76% showing an 0.6% decrease in month over month comparisons. April 2022 was the peak of average list price to sales price at about 107% and we saw a decline to between 95-100% by July 2022, which is where we’ve stayed ever since.
17.3% Decrease in Median Time to Sell
In December 2023, the median time to sell a single family home in Austin was 48 days compared to 58 days in December 2022, showing a 17% decrease in year over year numbers. Last month, the median time to sell was 45 days, showing a 6.7% increase in month over month comparisons. Last winter we saw a sharper increase in time to sell and this year it seems buyers are more used to market conditions and aren’t taking as long to make a decision.
No Change in Median Price Per Square Foot
In December 2023, the median price per square foot was $295 compared to $295 in December 2022, showing no change in year over year numbers. Last month the median price per square foot was $293, showing an 0.7% increase in month over month comparisons.
13% Decrease in Total Sales Volume
The total sales volume for single family homes in December 2023 was $380,006,045 compared to $436.32MM in December 2022, showing a 13% decrease in year over year numbers. Last month, the total sales volume was $369.42MM, showing a 2.9% increase in month over month comparisons.
3.4% Decrease in Months Supply of Inventory
In December 2023, there were 3.13 months of inventory on the market compared to 3.24 months of inventory showing a 3.4% decrease in year over year comparisons. Last month, there was 4.14 months of inventory on the market, showing a 24.4% decrease in month over month comparisons.
94% Increase in Number of New Pending Listings
In December 2023, there were 558 homes that accepted a contract compared to 287 in December 2022, showing a 94% increase in year over year comparisons. Last month, there were 484 homes that accepted a contract showing a 15.3% increase in month over month comparisons.
10% Increase in Median List Price
In December 2023, the median list price of an Austin single family home was $699,000 compared to $635,000 showing a 10% increase in year over year comparisons. Last month, the median list price was $680,000 showing a 2.8% increase in month over month comparisons.
2% Decrease in Number of New Listings
In December 2023, there were 453 single family homes introduced to the Austin market compared to 462 homes in December 2022, showing a 2% decrease in year over year comparisons. Last month, there were 759 single family homes introduced to the market, showing a 40.3% decrease in month over month comparisons.
11% Decrease in Number of Active Listings
In December 2023, there were 2,048 active listings on the market compared to 2,300 in December 2022, showing an 11% decrease in year over year comparisons. Last month, there were 2,610 active listings, showing a 21.6% decrease in month over month comparisons.
December 2023 Austin Real Estate Price Report – Strictly Numbers
For those of you who prefer to see the actual numbers, we’ve included the figures for December 2023 Austin home sales below. The most expensive home that sold in December 2023 sold for $4,785,000 and the least expensive home sold for $210,000. Homes ranged in size from 572 sqft – 7,223 sqft with an average size of 2,195 sqft. The average price per square foot for a home that sold in Austin in December 2023 was $338.11 with the lowest being $112.16/sqft and the highest being $942.29/sqft. It took, on average, 62 days to sell a home in Austin and sellers received, on average, 90.8% of their original list prices.
| Beds | Baths | SqFt | List Price | LP/SqFt | Sold Price | SP/SqFt | SP/LP | SP/OLP | ADOM | |
|---|---|---|---|---|---|---|---|---|---|---|
| Min | 1 | 1 | 572 | $254,000 | $130.08 | $210,000 | $112.16 | 62% | 50% | 0 |
| Max | 7 | 8 | 7,223 | $4,985,000 | $991.45 | $4,785,000 | $942.29 | 118% | 139% | 421 |
| Avg | 3 | 3 | 2,195 | $787,651 | $352.58 | $754,470 | $338.11 | 96.14% | 90.8% | 62 |
| Median | 3 | 3 | 2,012 | $589,000 | $302.36 | $575,000 | $296.51 | 97% | 93% | 39 |
| Search Criteria | |||
|---|---|---|---|
| Status | Sold | Sold Date | December 2023 |
| Property Type | Single Family Homes | Number Sold | 535 |
| Source: | ABoR Sales Data | Area | Austin |
Time to Buy? Sell?
As we always say, the best time to buy or sell a home is when you need to buy or sell. If you have a house to buy, buying when its a sellers market may hurt you on the buying end, but you’ll make it up on the selling end. If you’re trying to get into the market for the first time, the only way you’ll know that we’ve “hit bottom” is when its in the rear view mirror. Work with professionals who can help you analyze your financial and lifestyle to determine if now is the right time to buy or sell.
Though the numbers say sellers market, it’s time to buy! When you’ve come from extreme sellers markets in the past decade, a moderate sellers market can feel like a buyers market. Sellers are taking less for their homes, we’re seeing them offer more concessions like closing costs, repairs and upgrade credits. Buyers in the market are serious buyers, but there aren’t as many as there were two years ago. Which means, buyers have more time to make a decision and also more choices to choose from. Buyers who can be decisive can get a fair deal
If you’re looking to buy, get with a knowledgeable mortgage broker who can guide you to getting the lowest interest rate possible. We are starting to see the frenzy pause for a minute, as hesitant buyers wonder what to do. Take advantage of lower demand and get in before interest rates rise again. The best homes are still selling quickly, so you don’t want to wait too long once you see a home listed that you like. If you’re looking to buy, we can help you be successful. We have experienced several market shifts in our careers and know how to navigate them. For more info about buying a home, visit Buy a Home in Austin.
If you need to sell, don’t be discouraged. Know it’s going to take a little more time, but also know that if you stick it out, you’ll be successful. If you’re a seller who needs to sell now, work with a professional Realtor who can help you position your home as the best value on the market. Check out our 88 Ways to Sell Your Home Faster and For More Money for some tips on how you can prepare your home to meet the market. For more info about our Home Selling Program and why it is the best in Austin, check out Sell My Austin Home.
Questions About the December 2023 Austin Real Estate Price Report?
Do you have questions about our December 2023 Austin Real Estate Price Report? Call us at (512) 827-8323 or email us at info@11OaksRealty.com and we’ll help you in any way we can. If you’re looking to buy or sell Austin real estate, don’t forget to check out our Buyer Resources and our Seller Resources for more tips.
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