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 January 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 December was $579,348 which is roughly around $22,000 thousand dollars less than what we saw in November. This means that the average close price is going down.
The cumulative days on market for December was 63 days which is 12 days more than what we saw in November. That means that homes are taking a little bit longer to go under contract.
The closed the list price ratio for December was 96.11% which is 0.26% less than what we saw in November. This means that homes are continuing to sell for less than what they originally were listed for.
The number of active listings for December was 5,644 which is 1,149 less than what we saw in November. This means that inventory was less than what we saw in November.
The total number of sales in December was one thousand eight hundred fifteen which is 340 more than what we saw in November. This means that we had more homes sell in December than we did in November.
My Opinion On What This Data Suggests
All right, so I just gave you a bunch of numbers and how does that all make sense and tie into figuring out what the real estate market is doing and how things are going to play out. It's my opinion that the first thing to consider is that these numbers come from months that are traditionally a slow time during the real estate season.
Over the next couple of months I believe is going to be a good time to be aggressive and negotiate 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 will continue to drop to a point that will make sense to the current market prices which will bring price stability to the Austin and surrounding real estate market.
All of this is my honest opinion & how I see things based on the data that I just showed you & you can get a detailed report somewhere down below with the link. I could be wrong which is why I'm going to do my best to create a video 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.