Eleven Oaks Realty is proud to present their January 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 January 2018 was $360,000 compared to $365,000 in January 2019, up 1% ($5,000) in year over year numbers. Though demand has ebbed and flowed, we have seen prices consistently increase over the last few years. Not drastically, but steadily.
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? As prices have been increasing, it doesn’t appear that waiting is going to save any money for buyers. If you’re looking to buy, get your home search started soon. Now is a prime time to start your search. You’re starting to see more inventory introduced to the market, but you aren’t seeing a huge increase in demand just yet. Hit a motivated seller at the right time and you might be able to save money compared to what you’ll get later in the year.
What does this mean to sellers? While prices are still up, demand is down pretty significantly, which means your home will have to stand out as a value. But, value doesn’t mean pricing lower. It means preparing your home to meet the market, being accommodating for showings and responding to all offers. Sellers who are prepared to face the market and have patience are successful and usually in less time than they were in previous years with time to sell decreasing.
11% Decrease in Time to Sell Home in Austin
In January 2019, it took 57 days to sell a home in Austin, on average, compared to 64 days in January 2018, marking an 11% decrease in year over year numbers.
Number of Homes Taken Off the Market Up 20%
In January 2019, there were 189 homes taken off the market compared to 158 in January 2018. This marked a 20% (31 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 Down 6%
In January 2019, Austin saw a 6% decrease in the number of homes sold from January 2018 to January 2019. In January 2019, we saw 565 homes sell in Austin compared to 602 in January 2018 marking a 6% decrease (37 homes) in year over year numbers. We typically see a decrease in sales in January, as January sales were a result of December contracts and most buyers take some time off for the holidays. It will be interesting to see how quickly the market picks up this year.
3% Decrease in Austin Housing Inventory
In January 2019, we saw 2.2 months of inventory on the market, compared to 2.3 months of inventory in January 2018, showing a 3% decrease in year over year numbers. Though demand is down, supply is also down, which has created a reduction in inventory. With fewer choices, the buyers in the market are paying more for homes they see as a value, which is keeping prices on the upswing.
Austin Homes Under Contract Down 1%
In January 2019, 824 homes went pending (under contract) in Austin compared to 831 in January 2018, marking a 1% (7 home) decrease in year over year numbers.
2% Decrease in Number of Homes on the Market
In January 2019, we had 2,819 homes for sale in Austin, compared to 2,871 in January 2018, showing a 2% (52 home) decrease in year over year numbers. As inventory gets closer to 2 months, even a small decrease in the number of homes on the market will give buyers a sense of limited options. The best homes sell quickly, so keep an eye on inventory and be ready to scout new listings quickly.
21% Increase in Number of Homes Listed for Sale
In January 2019, we saw 1,004 homes introduced to the market compared to 828 in January 2018, marking a 21% (176 home) increase in year over year numbers. Sellers seem to be eager to get their homes on the market this year. It will be interesting to see if this is the start of the spring market increase or if this is just a fluke January figure.
Supply Down 2% and Demand Down 6%
This month we saw a 2% decrease in supply (number of properties for sale) and a 6% decrease in demand (number of sold properties).
Median for Sale Saw No Change 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 no change 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
January 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 January 2019 Austin home sales below. The most expensive home that sold in January 2019 sold for $5,000,000 and the least expensive home sold for $94,000. Homes ranged in size from 624 sqft – 8,374 sqft with an average size of 2,102 sqft. The average price per square foot for a home that sold in Austin in January 2019 was $233.10 with the lowest being $76.35/sqft and the highest being $1,224.94/sqft. It took, on average, 52 days to sell a home in Austin and sellers received, on average, 94.94% of their original list prices.
| Beds | Baths | SqFt | List Price | LP/SqFt | Sold Price | SP/SqFt | SP/LP | SP/OLP | ADOM | |
|---|---|---|---|---|---|---|---|---|---|---|
| Min | 1 | 1 | 624 | $75,000 | $73.24 | $94,000 | $76.35 | 70.77% | 48.94% | 0 |
| Max | 6 | 11 | 8,374 | $5,650,000 | $1,669.27 | $5,500,000 | $1,224.94 | 125.33% | 125.33% | 276 |
| Avg | 3 | 3 | 2,102 | $494,357 | $240.41 | $478,529 | $233.10 | 97.52% | 94.94% | 52 |
| Median | 3 | 2 | 1,823 | $369,000 | $201.24 | $364,250 | $199.36 | 98.14% | 96.36% | 34 |
| Search Criteria | |||
|---|---|---|---|
| Status | Sold | Sold Date | Jan-19 |
| Property Type | Single Family Homes | Number Sold | 574 |
| 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 demand down, you won’t have as much competition and motivated sellers will be willing to make a deal. This month we saw an increase in new listings, so it appears as though sellers are ready to make a deal. As we head into the spring market, we would anticipate demand increasing, which will give sellers more leverage. 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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