The real estate market in the entire Austin area has gone through a turbulent past 12 months with climbs, dives and dips. We’ve seen similar activity in our Siena community. This market report is focused on The second quarter (Q2) of 2023 but we’ll also take a look at the trends from a broader perspective.
When comparing the Siena real estate market for Q2 of 2023 vs 2022, we have definitely slowed down. The number of homes sold was 51 (-13.6%), the median close price was $440,000 (-25.5%) and the average days on market was 34 (+29 days). At the same time, the number of expired listings dropped 35.7% and the number of active listings increased 12.3%.
The changes are pretty significant when we look at them by themselves but to get a real idea of the health and direction of the real estate market in Siena, we need to look at the full picture going back to the start of 2022 – a full 18 months of history. I have a few different graphs for us to look at together that I think will help us all understand what is going on.
First, let’s look at the number of homes sold each month. We can see that we had move homes sold at the start of 2022 than any month following and we actually reached the lowest point this past winter. The number of homes sold each actually returned to the levels we saw last Spring.
Next, let’s look at the days on market for homes in Siena. It was super-low through the first half of 2022, climbed through last fall and really jumped in the first few months of 2023. At this point, we have returned to the levels we saw last Spring.
What about the ratio of sales prices to list prices? At the height of our COVID-market, we saw homes selling high above list prices. At the start of 2022, homes were selling for almost 10% over list price and by last Fall and the start of this year, sales prices were past 10% BELOW list prices. Now, coming out of the second quarter, we are seeing homes sell for 95-97% of list prices, a healthy ratio. These ratios have stabilized as sellers have been more realistic about their list prices and buyers have adjusted to the new interest rates available to them.
The last graph I want to look at with you is the median sales price trend. Our median sales price in Siena is down 25% compared to the same time last year, but if you look at the full picture, you can see something more. The prices are lower but the changes have seemed to stabilized. You still see fluctuations, but they are much less drastic.
What does this all mean for Siena?
Our real estate market has gone through some turbulent times but it seems to have stabilized. Higher interest rates and national economic trends have caused the market to dip. Sellers and buyers have adjusted to this new normal and life goes on. If you want to buy a home in Siena, you should be able to negotiate a stronger deal than you could have last year. If you are considering selling your home in Siena, you need to be strategic about how you price your home and do everything you can to make your home stand out. I have a marketing plan and pricing strategy to help you if you want to discuss this more.
Would you like to sell your home in Siena? Fill out this form and we can start the conversation. You can also receive a Free, INSTANT Home Value Estimate by visiting my website. Curious about other homes for sale in Siena? Check out available properties with plenty of demographic, trends, and other info.
Kyle Pfaffe | Realtor® | 512-636-9707
