Eleven Oaks Realty is proud to present their November 2016 Austin Real Estate Price Report measuring activity in the Austin single family home market.
Austin Median Home Price Up 4%
The biggest story in this month’s Austin Real Estate Price Report comes by way of median home prices. For the 27th month in a row, the median price of a home in Austin outpaced the previous year. The median price of an Austin home in November 2015 was $350,000 compared to $365,000 in November 2016, marking a 4% ($15,000) increase in year over year 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? With 27 straight months of price increases and no breaks, it doesn’t seem like this market is slowing down. Buyers continue to make strong offers and drive prices up. If you’re a buyer looking to buy a home in Austin, it doesn’t appear waiting is a good strategy. If you’re looking to buy, Winter has historically been the best time for buyers. Start your search now, and aim to find something before the Spring market heats up to get a better deal.
What does this mean to sellers? If you’re thinking of selling, it isn’t the worst time to do that either, especially if you have a house to buy. Buyers are still willing to pay more than they were last year and, typically what you might lose on the selling end, you’ll make up on the buying end. If you need to sell, take some time to prepare your home to meet its new owner. Work with a Realtor to help you make smart improvements and maximize the return on the dollars you spend preparing your home to sell.
8% Increase in Time to Sell Home in Austin
In November 2016, it took 53 days to sell a home in Austin, on average, compared to 49 days in November 2015, marking an 8% (4 day) increase in year over year numbers.
Number of Homes Taken Off the Market Up 26%
In November 2016, there were 402 homes taken off the market compared to 320 in November 2015. This marked a 26% (82 home) increase in year over year numbers. This trend of more homes taken off the market is something we’ve seen for several months in Austin. It seems that some sellers are unrealistic about what they can get for their homes and instead of reducing their prices to a market appropriate level, they decide to take them off the market. Though the Austin market is strong, it is still price sensitive. Buyers are willing to pay top dollar, but not for homes that they don’t feel are a value.
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.
No Change in the Number of Sold Homes in Austin
In November 2016, Austin saw no change in the number of homes sold from November 2015 to November 2016. In November 2016, we saw 734 homes sell in Austin compared to 733 in November 2015 marking essentially no change in year over year numbers.
8% Decrease in Austin Housing Inventory
In November 2016, we saw 2.6 months of inventory on the market, compared to 2.8 months of inventory in November 2015, marking an 8% decrease in year over year numbers. We typically expect inventory to raise in December as demand goes down. It will be interesting to see if we continue that trend this year.
Austin Homes Under Contract Up 4%
In November 2016, 811 homes went pending (under contract) in Austin compared to 777 in November 2015, marking a 4% (34 home) increase in year over year numbers.
1% Increase in Number of Homes on the Market
In November 2016, we had 3,337 homes for sale in Austin, compared to 3,298 in November 2015, showing a 1% (39 home) increase in year over year numbers.
Number of Homes Listed for Sale Up 1%
In November 2016, we saw 825 homes introduced to the market compared to 816 in November 2015, marking a 1% (9 home) decrease. November and December are typically slow months for new listings. Most sellers that don’t need to sell before the end of the year are getting their homes ready for the busier, Spring market.
Supply Up 1% and Demand Saw No Change
This month we saw a 1% increase in supply (number of properties for sale) and no change in demand (number of sold properties).
Median for Sale Up 5% vs Median Sold Price Up 4%
This chart compares the Median for Sale Price vs the Median Sold Price to show their relationship. In Austin, we saw a 5% increase in the median for sale price and a 4% increase in the median sold price of a single family home in year over year numbers.
Source: Clarus Market Metrics, ACTRIS Sold Data
November 2016 Austin Real Estate Price Report – Strictly Numbers
For those of you who prefer to see the actual numbers, we’ve included the figures for November 2016 Austin home sales below. The most expensive home that sold in November 2016 sold for $9,000,000 and the least expensive home sold for $100,501. Homes ranged in size from 756 sqft – 9,604 sqft with an average size of 2,044 sqft. The average price per square foot for a home that sold in Austin in November 2016 was $206.85 with the lowest being $74.69/sqft and the highest being $937.11/sqft. It took, on average, 44 days to sell a home in Austin and sellers received, on average, 95.63% of their original list prices.
|Beds||Baths||SqFt||List Price||LP/SqFt||Sold Price||SP/SqFt||SP/LP||SP/OLP||ADOM|
|Status||Sold||Sold Date||November 2016|
|Property Type||Single Family Homes||Number Sold||742|
|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. The sellers left standing are generally more willing to make a deal. They want to sell and are dealing with the inconvenience of selling through the Holidays. Time to sell is up 8%, so you’ll have a little more time to make a decision this time of year than you would during the busier Spring months. Keep in mind, the Spring market tends to heat up pretty quickly after Christmas. To take advantage of the market forces, aim to find something before the end of the year. If you’re looking to buy, we can help you be successful, even in this competitive market. 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, spend these last few weeks of 2016 preparing your home to meet its new owner. The Spring market will be here before you know it. With it will come more demand, which typically means more money for sellers. That being said, the Winter 2016 market is still strong. Though it is taking just over 50 days to sell, on average, buyers are still willing to spend 4% more than they were last year. Most sellers would agree more money is worth the wait.
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. There are still highly motivated buyers in the market who are ready to make stronger offers than they were last year. With 2.6 months of inventory, we are still in a seller’s 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.