The stats are in for the month of February. Spring break is next week and the market is heating up! The local real estate market continues to shift ever so slightly as inventory continues to increase, but is well below Pre-COVID averages. The absorption rate has stayed steady at just below 2 months. This means that if there were no new houses listed, we would run out of houses to sell in less than 2 months. In 2019 we saw a rate of nearly 5 months, so, we still have a lot of catching up to do! Following the general rules of economics, a low supply keeps prices up.
Speaking of prices, the average sales price rose over the last year by about 7% to $264,099, because of a prolonged inventory short
age and high demand. The number of homes sold was up from January, but about 28% less than this time last year at 172 home sales. The average days on market took a 6% dip from January to 80.4 days. This number is up from February 2022, though. From the time the house go
es on the market to closing, it took about 80 days on average. For a state-wide perspective, you can read Texas Realtor’s latest report.
The data is beginning to show a distinct difference between what we call a first-time and a trade-up product. The first-time homes are still seeing multiple offers and competition between buyers. However, the trade-up product, the $250,000 to $500,000 home is sitting a little longer on the market and even experiencing price reductions. Buyers looking to upgrade might actually find a really good deal in today’s real estate market.
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