Eleven Oaks Realty is proud to present their August 2018 Austin Real Estate Price Report measuring activity in the Austin single family home market.
Austin Median Home Price Up 6%
The biggest story this month: median home prices in Austin up again this month. The median price of an Austin home in August 2017 was $359,000 compared to $379,900 in August 2018, up 6% ($20,900) in year over year numbers. This is good news for sellers who may have been dealt a dose of reality with July’s numbers.
Median home price helps us see the distribution of homes sold and does not really give us an indication of the increase or decrease in a particular home’s market value. To analyze market value, we’d have to take an in depth look at a neighborhood. If you’re looking for something like that, please check out our Austin Home Values Report.
What does this mean to buyers? It doesn’t appear that there will be a real break for buyers this summer so be prepared for a competitive search.
What does this mean to sellers? While prices are still up, it’s important to position your home as a value. Sellers must take advantage of their new-to-market status by generating momentum and competition.
Looking for more actionable facts about the market? Check out our recent post: 3 Key Facts for Austin Home Buyers and Sellers.
1% Increase in Time to Sell Home in Austin
In August 2018, it took 43 days to sell a home in Austin, on average, compared to 43 days in August 2017, marking a 1% increase in year over year numbers.
Number of Homes Taken Off the Market Up 4%
In August 2018, there were 455 homes taken off the market compared to 439 in August 2017. This marked a 4% (16 home) increase in year over year numbers. We continue to see unrealistic sellers take their homes off the market rather than lower the price.
If you need to sell and your home was priced right, maybe there was something else going on. The biggest culprits we see are incorrect info in the MLS and poor marketing. Check out our Austin Home Marketing Plan to see how your homes would be marketed.
Having trouble selling your home? Check out our Austin Home Not Selling resources page to find out why.
Number of Sold Homes in Austin – Flat
In August 2018, Austin saw a no change in the number of homes sold from August 2017 to August 2018. In August 2018, we saw 1,425 homes sell in Austin compared to 1,423 in August 2017 marking virtually no change (2 homes) in year over year numbers.
17% Decrease in Austin Housing Inventory
In August 2018, we saw 2.8 months of inventory on the market, compared to 3.4 months of inventory in August 2017, marking a 17% decrease in year over year numbers. For the past year, we’ve consistently seen extremely low inventory levels and this month appears to be no different.
Austin Homes Under Contract Up 7%
In August 2018, 1,265 homes went pending (under contract) in Austin compared to 1,185 in August 2017, marking a 7% (80 home) increase in year over year numbers.
6% Decrease in Number of Homes on the Market
In August 2018, we had 5,261 homes for sale in Austin, compared to 5,620 in August 2017, showing a 6% (359 home) decrease in year over year numbers. With inventory numbers already low this year, even a small drop will be felt by buyers looking for more choices.
8% Increase in Number of Homes Listed for Sale
In August 2018, we saw 1,683 homes introduced to the market compared to 1,562 in August 2017, an 8% (121 home) increase in year over year numbers.
Supply Down 6% and Demand Flat
This month we saw a 6% decrease in supply (number of properties for sale) and no change in demand (number of sold properties). This is good news for sellers as the same number of buyers compete for fewer and fewer properties.
Median for Sale No Change vs Median Sold Price Up 6%
This chart compares the Median for Sale Price vs the Median Sold Price to show their relationship. In Austin, we saw no change in the median for sale price and a 6% increase in the median sold price of a single family home in year over year numbers.
Source: Clarus Market Metrics, ACTRIS Sold Data
August 2018 Austin Real Estate Price Report – Strictly Numbers
For those of you who prefer to see the actual numbers, we’ve included the figures for August 2018 Austin home sales below. The most expensive home that sold in August 2018 sold for $9,995,900 and the least expensive home sold for $150,000. Homes ranged in size from 538 sqft – 10,425 sqft with an average size of 2,302 sqft. The average price per square foot for a home that sold in Austin in August 2018 was $226.30 with the lowest being $75.21/sqft and the highest being $953.22/sqft. It took, on average, 43 days to sell a home in Austin and sellers received, on average, 96.15% of their original list prices.
| Beds | Baths | SqFt | List Price | LP/SqFt | Sold Price | SP/SqFt | SP/LP | SP/OLP | ADOM | |
|---|---|---|---|---|---|---|---|---|---|---|
| Min | 1 | 1 | 538 | $150,000 | $83.14 | $125,000 | $75.21 | 70.23% | 47.36% | 0 |
| Max | 8 | 10 | 10,425 | $9,995,900 | $1,169.11 | $8,150,000 | $953.22 | 114.82% | 129.49% | 715 |
| Avg | 3 | 3 | 2,302 | $528,295 | $230.84 | $514,526 | $226.30 | 98.23% | 96.15% | 43 |
| Median | 3 | 3 | 2,073 | $409,900 | $199.61 | $400,000 | $195.09 | 98.82% | 97.44% | 20 |
| Search Criteria | |||
|---|---|---|---|
| Status | Sold | Sold Date | Aug-18 |
| Property Type | Single Family Homes | Number Sold | 1127 |
| Source: | ABoR Sales Data | Area | Austin |
Time to Buy? Sell?
As we always say, the best time to buy or sell a home is when you need to buy or sell. If you have a house to buy, buying when its a sellers market may hurt you on the buying end, but you’ll make it up on the selling end. If you’re trying to get into the market for the first time, the only way you’ll know that we’ve “hit bottom” is when its in the rear view mirror. Work with professionals who can help you analyze your financial and lifestyle to determine if now is the right time to buy or sell.
Looking strictly at the numbers, it appears the recommendation for this month is – it’s time to sell. With prices up, while inventory is down, seller are well-positioned to demand top dollar.
If you’re looking to buy, get started now. The earlier you can start your home search, the more likely you are to be able to negotiate a better deal. As demand increases, sellers will start to see more showings and they will be less motivated to negotiate. Get your search set up and start looking at new listings now. If you’re looking to buy, we can help you be successful. We know the market and know how to get the best deal for a buyer. For more info about buying a home, visit Buy a Home in Austin.
If you’re a seller who needs to sell now, work with a professional Realtor who can help you position your home as the best value on the market. Though we aren’t seeing as much activity, median price is still healthy, showing there are still highly motivated buyers in the market. Check out our 88 Ways to Sell Your Home Faster and For More Money for some tips on how you can prepare your home to meet the market. For more info about our Home Selling Program and why it is the best in Austin, check out Sell My Austin Home.
Questions About the Austin Real Estate Price Report?
Do you have questions about this Austin Real Estate Price Report? Call us at (512) 827-8323 or email us at info@11OaksRealty.com and we’ll help you in any way we can. If you’re looking to buy or sell Austin real estate, don’t forget to check out our Buyer Resources and our Seller Resources for more tips.
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