The details
This marks the third consecutive month ZIP code 78758 has seen declining home sales, with a 26.7% decline in February and a 47.1% decline in January.
The trend is in line with most other ZIP codes in the Northwest Austin area, which have seen similar declines in recent months. ZIP code 78750, however, experienced a 20% increase in March home sales following two months of double-digit decline in February and January.
Median home sale prices were mixed in March, with three of the five ZIP codes in Northwest Austin seeing price decreases, while ZIP codes 78758 and 78759 experienced price increases.
ZIP code 78729 in the Anderson Mill area experienced a 20.5% decrease, while the remaining four ZIP codes saw increases ranging from 8% in ZIP code 78750 to 22.5% in ZIP code 78727.
Zooming out
While the majority of homes sold in the Northwest Austin market in March cost between $300,000-$699,999, there were 18 homes over $900,000 sold as well.
What else?
Market-wide, there were 11 fewer homes sold in March compared to the previous year.
Months of inventory is a term used to describe how long it would take for the amount of homes on the market to be sold, according to the National Association of Realtors.
Six months of inventory indicates properties may slowly become more valuable over time, while less than six months may mean home prices are rising more rapidly, per the NAR. Northwest Austin had 2.8 months of inventory in March compared to 3.9 the previous year.
Click here to see the real estate data for Northwest Austin in February.
