I attended a real estate convention in Palm Springs, and I wanted to provide you with a market update for February 2023 as compared to last year.

We have seen a decline of about 12% in prices, with the average sale price currently at $450,000 as compared to over $500,000 previously. We have also noticed a significant increase in days on market, which has risen from approximately 10 days to 80 days. Moreover, our inventory has been consistently climbing. We have seen this trend since the fall, and it has continued, with the current inventory up by about 92% from last year, with just over 4,000 homes on the market today.

During the convention, we had the privilege of hearing Goldman Sachs speak about their market projections. They currently anticipate a recession between 45 to 55% in 2023, with an increased likelihood of 65 to 75% in 2024.

If you are considering buying or selling and would like to understand how these projections may affect you in the next 12 months, please do not hesitate to reach out to me at 512-261-1000 or visit our website at www.AustinTexasRealEstate.com.

Thank you for your ongoing trust and support, and I look forward to being of service to you for all your real estate needs.

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