The median cost of homes sold in Georgetown during November was $475,000, down $720 from the previous month, as prices have fallen sharply since the summer when they reached $550,000 in June. The number of home sales has fallen in the last two months, with 254 closings last month and 253 in October, compared to 315 sales in September. Year to date, home closings are down 9.5%, according to the ABoR data.
With a decline in sales and prices, the Georgetown market’s supply remained the same in November at 3.6 months of inventory available, giving prospective buyers more options to choose from since the 0.3 months of inventory in February. Homes are also taking longer to sell as the average home spent 62 days on the market, up from October’s 45 days.
“We definitely had a couple of months this year where people were sitting on the sidelines, and demand has decreased somewhat considerably,” said Russ Phillips, a real estate agent at Russ Phillips Team in Georgetown.
ABoR data from Williamson County shows a similar trend with November home sales down 33.8% and the median price slightly decreasing 1.1% to $439,945. Active listings over the month rose by 303%, and the housing supply rose 2.4 months to 3 months of inventory.
According to Jessica Lautz, deputy chief economist and vice president of research at the National Association of Realtors, the market is on track to balance itself out after a volatile couple of years.
“The average number of offers reached an all-time high in the spring, nationally, at 5.5 offers a home, since everyone knew interest rates would increase,” Lautz said in an ABoR press release. “Because of this, we saw this frenzied pace in the market, especially here in Austin, where the massive migration flow of people from other parts of the country cause home prices to increase. This was not a good market for anyone.”
