Eleven Oaks Realty is proud to present their June 2019 Austin Real Estate Price Report measuring activity in the Austin single family home market.
Austin Median Home Price Up 7%
The biggest story this month: median home prices in Austin up again this month. We sound like a broken record, but month after month, the median price in Austin goes up. The median price of an Austin home in June 2018 was $400,000 compared to $428,426 in June 2019, up 7% ($28,426) in year over year numbers. For another month, we’ve seen median price outpace the previous year. Some months we see a more significant increase than others, but it is a consistent uptick for the past several years now.
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? Prices have steadily increased and this month pretty significantly given demand and supply are both down. If you’re waiting for prices to trend back down, you might be waiting several more years. The influx of high paying jobs to our area from much more expensive cities have caused prices to increase at a much faster rate than they have in decades past. Austin is booming and it doesn’t even hint at slowing down. If you’re thinking of buying a home, getting in the market sooner rather than later seems to be the best strategy. Though we’re seeing less inventory, you only need to find one house. Get your ducks in a row now and be ready to pull the trigger when something you like is listed.
What does this mean to sellers? Even though demand is down, supply is down more, so we are still in an extreme seller’s market. Though buyers aren’t coming out in numbers they were last year, they are still willing to pay more and are taking less time to make decisions. Catch them before they get distracted with back to school to have the best chance of making the most money on the sale of your home.
19% Decrease in Time to Sell Home in Austin
In June 2019, it took 29 days to sell a home in Austin, on average, compared to 36 days in June 2018, marking a 19% (7 home) decrease in year over year numbers. Buyers are not afraid to pull the trigger on homes they see as a value. Though there is less competition, buyers are more decisive than they’ve been in years past. If you price your home right and expose it to the market, you should not have a problem finding a qualified buyer in a reasonable period of time.
Number of Homes Taken Off the Market Down 5%
In June 2019, there were 206 homes taken off the market compared to 217 in June 2018. This marked a 5% (11 home) decrease in year over year numbers. Though we do see homes sell quickly that are priced well (and some for over asking price), Austin is still a price sensitive market. Homes that buyers feel are priced over the market don’t sell. For sellers who have a set number in mind, they’ll simply take their homes off the market rather than reduce 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 Down 9%
Austin saw a 9% decrease in the number of homes sold from June 2018 to June 2019. In June 2019, we saw 1,195 homes sell in Austin compared to 1,311 in June 2018 marking a 9% (116 home) decrease in year over year numbers. This year has been significantly slower than last year. It could be that buyers are a little hesitant with rising prices. Or, they aren’t finding what they’re looking for with the reduction in supply. Either way, sales are down from last year’s numbers.
19% Decrease in Austin Housing Inventory
In June 2019, we saw 1.9 months of inventory on the market, compared to 2.3 months of inventory in June 2018, showing a 19% decrease in year over year numbers. Though we saw fewer sales, the decrease in new listings has caused inventory numbers to decrease, making buyers feel the pinch of the spring/summer home buying season.
Austin Homes Under Contract Up 3%
In June 2019, 1,260 homes went pending (under contract) in Austin compared to 1,219 in June 2018, marking a 3% (41 home) increase in year over year numbers. It will be interesting if this uptick in pending sales translates to a busier end of summer.
10% Decrease in Number of Homes on the Market
In June 2019, we had 3,819 homes for sale in Austin, compared to 4,232 in June 2018, showing a 10% (413 home) decrease in year over year numbers.
6% Decrease in Number of Homes Listed for Sale
In June 2019, we saw 1,485 homes introduced to the market compared to 1,580 in June 2018, marking a 6% (95 home) decrease in year over year numbers. We haven’t seen as many sellers in the market this year as in year’s past. Even though prices are going up and demand is strong, sellers are staying put.
Supply Down 10% and Demand Down 9%
This month we saw a 10% decrease in supply (number of properties for sale) and a 9% decrease in demand (number of sold properties).
Median for Sale Up 6% vs Median Sold Price Up 7%
This chart compares the Median for Sale Price vs the Median Sold Price to show their relationship. In Austin, we saw a 6% increase in the median for sale price and a 7% increase in the median sold price of a single family home in year over year numbers.
Source: Clarus Market Metrics, ACTRIS Sold Data
June 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 June 2019 Austin home sales below. The most expensive home that sold in June 2019 sold for $3,240,000 and the least expensive home sold for $80,000. Homes ranged in size from 560 sqft – 13,052 sqft with an average size of 2,319 sqft. The average price per square foot for a home that sold in Austin in June 2019 was $238.36 with the lowest being $88.50/sqft and the highest being $1,642.86/sqft. It took, on average, 31 days to sell a home in Austin and sellers received, on average, 98.60% of their original list prices.
|Beds||Baths||SqFt||List Price||LP/SqFt||Sold Price||SP/SqFt||SP/LP||SP/OLP||ADOM|
|Property Type||Single Family Homes||Number Sold||1,211|
|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. Though demand is down, supply is down more so we are still in an extreme seller’s market. With just under two months of inventory and fewer new listings coming online, buyers are having to make concessions or pay more for properties that meet their needs. Demand is hinting at increasing, so this might be the perfect storm to get your home sold this year. Sellers who are dragging their feet might miss the prime selling season. We expect to see a slow down as we enter August and September, so get your home on the market now and capitalize on the summer buying season.
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.
If you’re looking to buy, know that there are fewer buyers in the market this year than last year. That could make the other buyers a little more complacent. If you have listing alerts set and scope out new listings as soon as they’re listed, you’ll beat other buyers to the best homes. As we get deeper into spring, we expect demand to increase, so if you’re looking to buy, get in the market now. You’ll start to see more inventory as motivated sellers list their homes. And, if you can catch it before demand picks up, you might find a seller who needs to move on. Remember, even though there are fewer buyers, the best homes are still selling quickly. 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.
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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