Eleven Oaks Realty is proud to present their July 2018 Austin Real Estate Price Report measuring activity in the Austin single family home market.
Austin Median Home Price Up 6%
The biggest story this month: median home prices in Austin are back up after taking a brief dip last month. The median price of an Austin home in July 2017 was $363,200 compared to $384,500 in July 2018, up 6% ($21,300) in year over year numbers. This is good news for sellers who may have been dealt a dose of reality with last month’s 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? It doesn’t appear that there will be a real break for buyers this summer so be prepared for a competitive search.
What does this mean to sellers? While prices are still up, it’s important to position your home as a value. Sellers must take advantage of their new-to-market status by generating momentum and competition.
Looking for more actionable facts about the market? Check out our recent post: 3 Key Facts for Austin Home Buyers and Sellers.
10% Increase in Time to Sell Home in Austin
In July 2018, it took 41 days to sell a home in Austin, on average, compared to 38 days in July 2017, marking a 10% increase in year over year numbers.
Number of Homes Taken Off the Market Up 5%
In July 2018, there were 426 homes taken off the market compared to 404 in July 2017. This marked a 5% (22 home) increase in year over year numbers. We continue to see unrealistic sellers take their homes off the market rather than lower 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.
5% Increase in the Number of Sold Homes in Austin
In July 2018, Austin saw a 5% increase in the number of homes sold from July 2017 to July 2018. In July 2018, we saw 1,509 homes sell in Austin compared to 1,434 in July 2017 marking a 5% (75 home) increase in year over year numbers.
21% Decrease in Austin Housing Inventory
In July 2018, we saw 2.5 months of inventory on the market, compared to 3.1 months of inventory in July 2017, marking a 21% decrease in year over year numbers. For the past year, we’ve consistently seen extremely low inventory levels and this month appears to be no different.
Austin Homes Under Contract Up 9%
In July 2018, 1,430 homes went pending (under contract) in Austin compared to 1,311 in July 2017, marking a 9% (119 home) increase in year over year numbers.
7% Decrease in Number of Homes on the Market
In July 2018, we had 5,365 homes for sale in Austin, compared to 5,774 in July 2017, showing a 7% (409 home) decrease in year over year numbers. With inventory numbers already low this year, even a small drop will be felt by buyers looking for more choices.
5% Decrease in Number of Homes Listed for Sale
In July 2018, we saw 1,770 homes introduced to the market compared to 1,866 in July 2017, a 5% (96 home) decrease in year over year numbers.
Supply Down 7% and Demand Up 5%
This month we saw a 7% decrease in supply (number of properties for sale) and a 5% increase in demand (number of sold properties). This is good news for sellers as more buyers compete for fewer and fewer properties.
Median for Sale Up 1% vs Median Sold Price Up 6%
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 6% increase in the median sold price of a single family home in year over year numbers.
Source: Clarus Market Metrics, ACTRIS Sold Data
July 2018 Austin Real Estate Price Report – Strictly Numbers
For those of you who prefer to see the actual numbers, we’ve included the figures for July 2018 Austin home sales below. The most expensive home that sold in July 2018 sold for $6,800,000 and the least expensive home sold for $155,000. Homes ranged in size from 300 sqft – 7,555 sqft with an average size of 2,332 sqft. The average price per square foot for a home that sold in Austin in July 2018 was $226.07 with the lowest being $81.16/sqft and the highest being $2,380.00/sqft. It took, on average, 36 days to sell a home in Austin and sellers received, on average, 97.09% 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||1225|
|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. With prices & demand up, while inventory is down, seller are well-positioned to demand top dollar.
If you’re looking to buy, get started now. The earlier you can start your home search, the more likely you are to be able to negotiate a better deal. As demand increases, sellers will start to see more showings and they will be less motivated to negotiate. 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 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.