Hi, my name is Alfonso Rodriguez, I'm dual licensed & real estate and mortgage. The purpose of this video is to provide you with an update on what's going on in the real estate and mortgage markets in and around the Austin area for April 2023.
I'll be going over some very general numbers that may not align with the area that you're in so if you want a more detailed analysis on your home or for an area you're thinking about buying in, feel free to get in contact with me directly at 512-809-0091 or you can fill out the contact form below.
Austin Area Real Estate & Mortgage Market Data Points
There are five data points that I like to keep track of and have found to be a very good way to spot Trends and give targeted advice to my clients. Those data points are:
- Average Close Price
- Cumulative Days On Market
- Close To List Price Ratio
- Active Number Of Listings
- Total Number Of Sales
I'm going to read out the data give my opinion on what that data suggests and how I see see the rest of 2023 playing out. I'll also include a link down below where you can get a report with 12 months of historical data.
All right so for the first one the average close price for April 2023 was $613,645 which is roughly around $29,126 thousand dollars more than what we saw in March 2023. This means that the average close price came up a little.
The cumulative days on market for April 2023 was 72 days which is 12 days less than what we saw in March 2023. That means that homes are taking a little less longer to go under contract.
The closed the list price ratio for April 2023 was 97.88% which is 0.54% less than what we saw in March 2023. This means that homes are on average selling for less than what they originally were listed for. However, that ratio is going up.
The number of active listings for April 2023 was 6,977 which is only listings 14 less than what we saw in March 2023. This means that inventory levels are about stable & will probably go up over the next 3-4 months.
The total number of sales in April 2023 was 2,035 which is 219 less than what we saw in March 2023. This means that we had less homes close in April 2023 than we did in March 2023.
My Professional Opinion On What The Data Is Suggesting
I just gave a bunch of numbers and you probably want to know how to makes sense of it all. With my professional opinion you should be able to discover the current trend & likely trend over the next several months. It's important to consider that the data above comes from the previous months before since homes typical take 30-45 days to close & data is made available.
Over the next couple of months & for the rest of 2023 I believe it's going to be a good time to be aggressive and negotiate as a home buyer. You'll likely have the most amount of choices with inventory over the next 3-4 months. Depending on how and to buy a home however if you're a home seller there may be a little bit of a struggle.
The data that I went over shows that the market is still correcting however it's my opinion that I I'm starting to see signs of the real estate market stabilizing as we get into the spring and summer months of 2023.
I'm optimistic that mortgage rates have hit it's peak, will hover in the 6.5% - 7% range then come down towards the end of 2023. If rates start to come down then I expect home buyers to jump back into the market to buy homes at reasonable prices.
All of this is my honest opinion & how I see things based on the data above. You can also get a detailed report using the link below. Market conditions change fast so I'm going to do my best to create more updates like this one every single month as things progress so stay tuned.
If you'd like a personalized and detailed analysis on your home or for an area you're thinking about buying in please don't hesitate to get in contact with me at 512-809-0091 or fill out the contact form below. Thank you so much for your time on watching my video and I look forward to hearing from you.