Are you following the trends in Austin’s real estate market?
The stats are out for October 2018 and same song second verse is playing. The median price is up 8%, the number of sales are up 4% and inventory is holding tight at 3 months (remember economists say 6 months is a balanced market). Active listings are up and days on market are longer as buyers take more time in making a decision to buy. They are buying single family homes if priced right and perceived as a good value.
This is an excellent time for sellers to market their home but need to have a plan with a little work up front in preparation. Preparation is always the key to success and will definitely pay dividends with a good return on investment.
Buyers, now is the time to find a property while you have less competition from those distracted by the holidays.
According to the Austin Board of Realtors October 2018 Central Texas Housing Market Report early demand for single story family homes in the fourth quarter led to a record breaking month of homes sales.
The Austin-Round Rock MSA home sales topped the highest volume for any October generating more than $900 million in sales dollar volume (up 9%). New home prices under $300,000 are in heavy demand and sales are robust. Unfortunately our wet, rainy weather hampered development and the lack of lots caused consumers to look further out for similar products. As Vaike O’Grady, Austin regional director of Metro Study said, “The demand for housing is so great that if the product is priced correctly and in a desirable location, it’s going to sell.”
Is the demand really based on data? Beverly Kerr VP/Research with the Austin Chamber of Commerce recently provided an article on Austin companies and research of data shows companies less than 6 years old make up approximately a whopping 39% of the companies based in the Austin area as of 2016. Those numbers tell the story of how many new jobs are created which translate to workers needing housing.
According to Mark Sprague, Director of Information Capitol at Independence Title, when addressing our company at our recent Expo, “There is no better time to buy!” As far as what’s on the horizon, 2018 is proving to be much stronger than 2017 and should continue into 2019. Real estate values are holding, sales are up and land values are strong. The Unemployment rate in Texas is at a historic low of 3.7%. Is the market in Austin slowing? No, the data is in and we are still on a roll!
All communities are not created equal so while Austin is thriving there are some sectors where days are on market are elevated and taking longer to receive an offer. If you’re a home owner in NW Austin wishing to sell I can help. If you’re a buyer reach out to me and Let’s talk!
Selling or buying a NW Austin home is a complex process and you want to work with a REALTOR that understands the process and can connect you with other professionals that realize the importance of contract contingencies, customer service and are laser focused on closing on time every time. Reach out to me at 512-346-1799 or dillard@reloaustin.com.
Comments(12)