Eleven Oaks Realty is proud to present their March 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 March 2018 was $386,000 compared to $390,000 in March 2019, up 1% ($4,000) 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? Prices have steadily increased over the past several years. And, though it has slowed a bit, it doesn’t seem to be stopping. If you’re waiting for prices to go down, you might be waiting a while longer. It seems the best strategy might be to get in the market sooner rather than later to have the best chance of spending the least amount of money. Spring is when you’ll find the most choices, but it’s also when you’ll find the most competition. If you’re looking to buy a home, work with an experienced buyer’s agent who can help you navigate the market and negotiate a great deal.
What does this mean to sellers? If this year is like the last several years, we should be approaching the busier selling season. Though demand was down this month, we would expect it to increase over the coming month or so. As buyers look towards summer to make their moves, they are going to start looking for homes. If you’re looking to sell, get your home ready now. You want to have it active when the most number of buyers are looking at it.
19% Decrease in Time to Sell Home in Austin
In March 2019, it took 33 days to sell a home in Austin, on average, compared to 41 days in March 2018, marking a 19% decrease in year over year numbers. Though we are seeing fewer sales, we are seeing the buyers that are in the market make decisions much faster.
Number of Homes Taken Off the Market Up 9%
In March 2019, there were 175 homes taken off the market compared to 160 in March 2018. This marked a 9% (15 home) increase in year over year numbers. As prices have gone up, we’ve also seen the number of homes taken off the market go up as well. Inventory is down and buyers are in the market to buy, so if homes are priced for the market and prepared well, they should have no trouble finding a buyer.
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 12%
Austin saw a 12% decrease in the number of homes sold from March 2018 to March 2019. In March 2019, we saw 908 homes sell in Austin compared to 1,033 in March 2018 marking a 12% decrease (125 home) in year over year numbers. This spring is not starting as strong as last spring. It will be interesting to see if it picks up next month, or if there aren’t as many buyers in the market this year.
13% Decrease in Austin Housing Inventory
In March 2019, we saw 1.6 months of inventory on the market, compared to 1.9 months of inventory in March 2018, showing a 13% decrease in year over year numbers. Though we had fewer sales, we also had fewer listings, so we did see a decrease in inventory. 1.6 months is a pretty strong seller’s market, so if you’re looking to sell, this should encourage you.
Austin Homes Under Contract Down 1%
In March 2019, 1,153 homes went pending (under contract) in Austin compared to 1,164 in March 2018, marking a 1% (11 home) decrease in year over year numbers. Essentially we saw the same number of pending sales as last year. So, it could be that buyers are just waiting a bit longer this spring to pull the trigger than last. Next month’s numbers should be telling.
9% Decrease in Number of Homes on the Market
In March 2019, we had 3,210 homes for sale in Austin, compared to 3,510 in March 2018, showing a 9% (300 home) decrease in year over year numbers.
10% Decrease in Number of Homes Listed for Sale
In March 2019, we saw 1,386 homes introduced to the market compared to 1,541 in March 2018, marking a 10% (155 home) decrease in year over year numbers. Sellers are also a little hesitant to pull the trigger and get their homes on the market this year. With 10% fewer homes listed for sale, buyers are likely feeling the pinch.
Supply Down 9% and Demand Down 12%
This month we saw a 9% decrease in supply (number of properties for sale) and a 12% decrease in demand (number of sold properties).
Median for Sale Up 6% 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 6% 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
March 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 March 2019 Austin home sales below. The most expensive home that sold in March 2019 sold for $7,950,500 and the least expensive home sold for $142,000. Homes ranged in size from 560 sqft – 12,339 sqft with an average size of 2,197 sqft. The average price per square foot for a home that sold in Austin in March 2019 was $236.76 with the lowest being $72.86/sqft and the highest being $822.28/sqft. It took, on average, 46 days to sell a home in Austin and sellers received, on average, 97.51% 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||920|
|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. Though supply is down, demand is down more so buyers have less competition now. 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.
If you’re looking to sell, the spring market is here. Get your home ready to list now, so you don’t miss the busiest time of year. We expect to see more buyers as April progresses and with more competition should bring more money for sellers. But, that window is quickly approaching, so don’t delay. Get your home ready now and get it exposed to motivated buyers.
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.