Eleven Oaks Realty is proud to present their February 2019 Austin Real Estate Price Report measuring activity in the Austin single family home market.
Austin Median Home Price Up 1%
The biggest story this month: median home prices in Austin up again this month. The median price of an Austin home in February 2018 was $372,500 compared to $375,000 in February 2019, up 1% ($2,500) in year over year numbers. For another month, we’ve seen median price outpace the previous year. Median price increases have steadied, but are still on the upswing.
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? Buyers who are waiting out the market might not be doing themselves any favors. With steady increases in price, today’s buyers are paying more than last year’s buyers. If you’re looking to get into the Austin housing market, get that process started as soon as possible. With the influx of jobs and infrastructure, we don’t see prices slowing down for a while.
What does this mean to sellers? We are approaching the busiest and best time of year to sell a home. If you’re thinking of putting your home on the market, start getting it ready now so you can capitalize on buyer excitement. Supply is down, so as demand increases, sellers should be in a prime position to get top dollar for their homes.
13% Decrease in Time to Sell Home in Austin
In February 2019, it took 45 days to sell a home in Austin, on average, compared to 51 days in February 2018, marking a 13% decrease in year over year numbers.
Number of Homes Taken Off the Market Up 11%
In February 2019, there were 149 homes taken off the market compared to 134 in February 2018. This marked an 11% (15 home) increase in year over year numbers. This increase in the number of homes taken off the market is something we’ve seen for months in the Austin real estate market. Sellers who are unrealistic about price and condition are giving up on their home sale rather than making the necessary adjustments.
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 Saw No Change
In February 2019, Austin saw no change in the number of homes sold from February 2018 to February 2019. In February 2019, we saw 742 homes sell in Austin compared to 745 in February 2018 marking essentially no change (3 homes) in year over year numbers. This year was about on par with last year’s home sales. It will be interesting to see what the spring market brings.
16% Decrease in Austin Housing Inventory
In February 2019, we saw 1.9 months of inventory on the market, compared to 2.2 months of inventory in February 2018, showing a 16% decrease in year over year numbers. With a slight decrease in supply, we saw inventory decrease despite demand remaining the same. If sellers don’t replace supply, we could have a very lean spring market.
Austin Homes Under Contract Up 9%
In February 2019, 965 homes went pending (under contract) in Austin compared to 889 in February 2018, marking a 9% (76 home) increase in year over year numbers.
3% Decrease in Number of Homes on the Market
In February 2019, we had 2,900 homes for sale in Austin, compared to 2,992 in February 2018, showing a 3% (92 home) decrease in year over year numbers. This month inventory dipped below a 2 month supply, indicating a strong seller’s market. As demand increases for spring, buyers will feel a sense of limited options if we don’t see an increase in supply.
5% Decrease in Number of Homes Listed for Sale
In February 2019, we saw 1,050 homes introduced to the market compared to 1,109 in February 2018, marking a 5% (59 home) decrease in year over year numbers. Last month we saw a bigger increase in year over year figures. It will be interesting to see what the spring market brings. Will sellers replace inventory or will we see inventory continue to decrease, causing prices to increase?
Supply Down 3% and Demand Saw No Change
This month we saw a 3% decrease in supply (number of properties for sale) and no change in demand (number of sold properties).
Median for Sale Up 1% vs Median Sold Price Up 1%
This chart compares the Median for Sale Price vs the Median Sold Price to show their relationship. In Austin, we saw a 1% increase in the median for sale price and a 1% increase in the median sold price of a single family home in year over year numbers.
Source: Clarus Market Metrics, ACTRIS Sold Data
February 2019 Austin Real Estate Price Report – Strictly Numbers
For those of you who prefer to see the actual numbers, we’ve included the figures for February 2019 Austin home sales below. The most expensive home that sold in February 2019 sold for $8,442,500 and the least expensive home sold for $110,000. Homes ranged in size from 560 sqft – 8,005 sqft with an average size of 2,102 sqft. The average price per square foot for a home that sold in Austin in February 2019 was $229.24 with the lowest being $73.43/sqft and the highest being $1,279.94/sqft. It took, on average, 51 days to sell a home in Austin and sellers received, on average, 96.72% of their original list prices.
| Beds | Baths | SqFt | List Price | LP/SqFt | Sold Price | SP/SqFt | SP/LP | SP/OLP | ADOM | |
|---|---|---|---|---|---|---|---|---|---|---|
| Min | 1 | 1 | 560 | $130,000 | $76.88 | $110,000 | $73.43 | 71.69% | 62.5% | 0 |
| Max | 6 | 8 | 8,005 | $8,799,000 | $1,333.99 | $8,442,500 | $1,279.94 | 114.29% | 158.89% | 506 |
| Avg | 3 | 3 | 2,102 | $487,112 | $234.05 | $476,165 | $229.24 | 98.2% | 96.72% | 51 |
| Median | 3 | 3 | 1,950 | $379,590 | $198.97 | $375,000 | $196.35 | 98.52% | 97.64% | 25 |
| Search Criteria | |||
|---|---|---|---|
| Status | Sold | Sold Date | Feb-19 |
| Property Type | Single Family Homes | Number Sold | 745 |
| 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 buy. With no change in demand, you won’t have as much competition and motivated sellers will be willing to make a deal. We did see a decrease in supply, so buyers will have to be ready to scout homes as soon as they’re listed to beat other, complacent buyers. The best homes are still selling quickly and you’ll want to give yourself ample time to make a decision. 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 looking to sell, it’s time to get your house ready for the spring market. If this year is like nearly every year previous, buyer activity will start to increase as we get further into spring. Spend some time preparing your house to sell now and you’ll be ready when that flood of buyers hits the market.
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.
Curious How Much You Could Sell Your Austin Home For?
Our Market Snapshot Tool is for you. With just your zip code, we’ll email you a detailed report showing what homes in your neighborhood sold for, how long it took to sell and how the market is trending. Though our Austin Real Estate Price Report is helpful in gauging the overall trend of the market, it doesn’t address neighborhoods specifically. If you’re looking for that type of report, put in your name and zip code below and our system will email you a Neighborhood Market Report.
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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