Eleven Oaks Realty is proud to present their October 2016 Austin Real Estate Price Report measuring activity in the Austin single family home market.
Austin Median Home Price Up 3%
The biggest story in this month’s Austin Real Estate Price Report comes by way of median home prices. For the 26th month in a row, the median price of a home in Austin outpaced the previous year. The median price of an Austin home in October 2015 was $335,000 compared to $345,285 in October 2016, marking a 3% 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 26 straight months of price increases, no matter the time of year, it is clear the Austin market is strong. Buyers are willing to pay more for homes than they have been in previous months. And, that doesn’t seem to be slowing down. 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, don’t let Winter scare you off, 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.
2% Increase in Time to Sell Home in Austin
In October 2016, it took 45 days to sell a home in Austin, on average, compared to 44 days in October 2015, marking a 2% (1 day) increase in year over year numbers.
Number of Homes Taken Off the Market Up 42%
In October 2016, there were 397 homes taken off the market compared to 279 in October 2015. This marked a 42% (118 home) increase in year over year numbers. We’ve seen an increase in the number of homes taken off the market for the past several months now. Though Austin is a strong market, it is still a price sensitive market. Homes priced too high aren’t selling.
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.
2% Decrease in the Number of Sold Homes in Austin
In October 2016, Austin saw a 2% decrease in the number of homes sold from October 2015 to October 2016. In October 2016, we saw 837 homes sell in Austin compared to 854 in October 2015 marking a 2% (17 home) decrease in year over year numbers.
No Change in Austin Housing Inventory
In October 2016, we saw 2.8 months of inventory on the market, compared to 2.8 months of inventory in October 2015, marking no change in year over year numbers. If this year is like most others, we would expect to see inventory rise as we head into the Holidays.
Austin Homes Under Contract Down 1%
In October 2016, 875 homes went pending (under contract) in Austin compared to 882 in October 2015, marking a 1% (7 home) decrease in year over year numbers.
3% Increase in Number of Homes on the Market
In October 2016, we had 3,741 homes for sale in Austin, compared to 3,643 in October 2015, showing a 3% (98 home) increase in year over year numbers.
Number of Homes Listed for Sale Down 6%
In October 2016, we saw 1,040 homes introduced to the market compared to 1,101 in October 2015, marking a 6% (61 home) decrease. It seems even sellers were a little hesitant put their homes on the market this month.
Supply Up 3% and Demand is Down 2%
This month we saw a 3% increase in supply (number of properties for sale) and a 2% decrease in demand (number of sold properties).
Median for Sale Up 6% vs Median Sold Price Up 3%
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 3% increase in the median sold price of a single family home in year over year numbers. This month, it seems buyers were able to negotiate a bit more.
Source: Clarus Market Metrics, ACTRIS Sold Data
October 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 October 2016 Austin home sales below. The most expensive home that sold in October 2016 sold for $7,250,000 and the least expensive home sold for $110,000. Homes ranged in size from 480 sqft – 9,773 sqft with an average size of 2,195 sqft. The average price per square foot for a home that sold in Austin in October 2016 was $207.96 with the lowest being $47.50/sqft and the highest being $1,255.41/sqft. It took, on average, 43 days to sell a home in Austin and sellers received, on average, 95.38% of their original list prices.
| Beds | Baths | SqFt | List Price | LP/SqFt | Sold Price | SP/SqFt | SP/LP | SP/OLP | ADOM | |
|---|---|---|---|---|---|---|---|---|---|---|
| Min | 1 | 1 | 480 | $115,000 | $51.91 | $110,000 | $47.50 | 77.78% | 42.65% | 0 |
| Max | 7 | 7 | 9,773 | $7,995,000 | $1,384.42 | $7,250,000 | $1,255.41 | 124.80% | 124.80% | 457 |
| Avg | 3 | 3 | 2,195 | $471,343 | $212.93 | $458,380 | $207.96 | 98.02% | 95.38% | 43 |
| Median | 3 | 3 | 1,930 | $350,000 | $178.15 | $346,393 | $174.94 | 98.29% | 96.72% | 22 |
| Search Criteria | |||
|---|---|---|---|
| Status | Sold | Sold Date | October 2016 |
| Property Type | Single Family Homes | Number Sold | 840 |
| 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. We don’t seem to have hit the Fall/Winter slowdown as early this year, so sellers might want to take advantage. With median prices up 3% and time to sell only up 2%, sellers are in a stable position. But, they should act quickly. Winter generally slows the market and the competitive edge shifts towards buyers.
If you’re a seller who needs to sell, 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 2.8 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.
If you’re looking to buy, we are approaching the best time of year to do so. Though supply is up slightly and demand is down slightly, we would expect to see the gap increase as we head into Winter. As we approach the Holidays, sellers will be more motivated and buyers will usually get a better deal. Start your search now, so you are ready when something comes online. Get pre-approved by a local mortgage lender. Start researching neighborhoods and learning which would be the best fit for you. Then, start taking a look at homes. This way when you are ready to buy, you have seen enough homes where you’ll know the right one when it comes up. 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.
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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