February 2023 showed a continuous trend in the market. Overall we saw Median Sales and Closed Sales drop across the board, except for Bastrop county which saw a slight uptick in closed sales with an increase of 28% and Hays which saw a slight rise of 3%. Average Days on Market increased as well with Total Sales Volume following suit alongside an increase in Month of Inventory.
Median Sales drops ranged from just 3% in Caldwell ($299,900) to a rocking 20% in Bastrop ($349,990).
Closed Sales drops ranged from 15% in Williamson (726) to a heaping 29% in Austin (577).
Average Days on Market ranged from an increase of 37 days in Bastrop (averaging 80 days on market) to an increase of 68 days in Hays (averaging 100 days on market).
Total Sales Volume dropped from anywhere between a mild 6% in Caldwell (averaging $11 million) to a 31% drop in Austin (averaging $389 million) and Travis (averaging $596 million).
Months of Inventory increased from 1.9 months in Austin (averaging 2.2 months) to a 3-month increase in Bastrop (averaging 3.8 months).
To sum up, properties are sitting longer on the market, selling less in inventory with drops in price.
Rumor has it, things will start to pick up come March and summer, as history has shown to be the cyclical trend. We look forward to reporting what March brings to the table!
