Where Austin is headed after September 2017 real estate sales

By
Real Estate Agent with Coldwell Banker United Realtors® ~ 512.750.6899

We’ve been anxiously waiting to see the September 2017 Central Texas Housing Market Report. It was released on October 17th by the Austin Board of Realtors®. Single-family home sales declined across most of the Austin-Round Rock Metropolitan (MSA) while inventory levels continued to increase.

The median price for single family homes increased by 5% to $291,464 and the number of single family homes sold decreased by 4% to 2,433.

The President of the Austin Board of Realtors, Brandie Guthrie, commented: “Despite last month’s dip in home sales activity, it’s important to remember that we’re comparing figures to the record - breaking housing market activity in 2016 and it’s not necessarily indicative of a downturn.”

It was interesting to read that Lawrence Yun, Chief Economist and Senior Vice President of Research at the National Association of Realtors® agreed: “Austin has had one of the fastest job growth rates in the country over the past decade and consequently one of the strongest housing markets with rising sales. But steady depletion of housing inventory is resulting in a fast rise in home prices and affordability challenges. The construction of single family homes as well as condominiums needs to ramp up higher in order to fully satisfy housing demand and maintaining housing affordability. Otherwise, job growth could stall and bring less dynamism to the local economy.”

Austin’s authority on Austin, Neal Spelce, reminds us with Austin’s massive daily influx of folks moving here there is a strong demand for apartment rentals and rents are rising. GlobeSt.com reports in 2017 88.6% of Austin applicants are approved to move into their apartment of choice. This rate speaks to the reasonably-solid financial status of those apartment seekers (rejection rate is only 11.4%). Many new hires need to rent while moving through the selling process of their homes in other states.

Active listings are up as well as pending listings with days on market up only 5 days compared to last September. The average months of market is only up slightly to 3 months still well under the 6 months of inventory that Real Estate Center at Texas A & M University say is a balanced market.

Austin is full of easy going but hardworking residents. It’s a unique one-of-a-kind city that defies stereotypes: It’s progressive, fiercely entrepreneurial and pro-business and pro-environment. Texas ranks #1 in the US for the best business climate. This is an important business ranking and is especially timely as Amazon (see most current post) currently sifts through 100 cities around the US for its second headquarters location. Amazon currently has more local employees than it's recent acquistion of Whole Foods. Austin takes pride in not only welcoming business but making them better!

Austin is headed on a steady course and makes the national headlines on a monthly basis! The relocation and expansion of companies to Austin is amazing! Austin remains the steady eddy of low unemployment. Austin is the country’s 11th largest city. Yet it possesses the attributes of a smaller town; quality healthcare, low crime rates, affordable housing, outstanding schools and a relatively low cost of living. Austin’s sunny climate includes lush green hills, cool natural springs and miles of hike and bike trails!

The real estate market is ever changing but one thing remains constant……Dorie Dillard’s award winning customer service! Procuring the maximum dollar for your home in any market is my goal in helping you through the home selling process. You need a full-service real estate agent who has a long-standing history of doing just that!

If you’re thinking of selling your NW Austin home…..Let’s talk! As with everything in life preparation is the key and I will equip you with what you’ll need to get you, as seamlessly as possible, through the home selling process. Call 512-346-1799 or email dillard@reloaustin.com and let’s get started! I'm your local Realtor with international connections.

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Topic:
Real Estate Market Trends
Location:
Texas Travis County Austin
Groups:
Texas Real Estate
All Thing's Texas
Local Expert
All Real Estate - Today and Tomorrow
2017 Market Trend Reports
Tags:
national association of realtors
austin tx
abor
lawrence yun
austin board of realtors
neal spelce
mark sprague

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Ambassador
3,113,701
Paul S. Henderson, REALTOR®, CRS
RE/MAX Northwest. - Tacoma, WA
Tacoma Washington Agent/Broker & Market Authority!

I enjoyed this market and area update. It was top notch Dorie Dillard 

Oct 24, 2017 10:13 PM #1
Rainmaker
2,971,099
James Dray
Fathom Realty - Bentonville, AR
Exceptional Agents, Outstanding Results

Good morning Dorie.

I believe it was yesterday where I read an article about Austin.  If memory serves me, it was one of the 10 cities for the people living there who were happy to be there

Oct 25, 2017 03:49 AM #2
Rainmaker
3,282,502
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

Growth is a good thing...and people enjoy the "weird" aspect as well !

Oct 25, 2017 04:02 AM #3
Rainmaker
4,432,317
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

This is good information for those thinking of relocating to Austin. Thank you for sharing.

Oct 25, 2017 06:08 AM #4
Rainmaker
3,224,438
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Great information for buyers  and sellers and us here in the rain.  Make it a great day!

 

Oct 25, 2017 09:07 AM #5
Rainmaker
3,390,964
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hi Dorie -- and for anyone thinking of making a move in the Austin area -- your name immediately comes to mind for me.   

Oct 25, 2017 11:32 AM #6
Rainmaker
5,460,097
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

This is great information to share with families on the move.

Oct 25, 2017 01:24 PM #7
Rainmaker
3,248,409
Lou Ludwig
Ludwig & Associates - Boca Raton, FL
Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC

Dorie

The September 2017 Austin Texas real estate market is headed in the right direction.

Good luck and success.

Lou Ludwig

Oct 25, 2017 07:45 PM #8
Rainmaker
873,945
Elyse Berman, PA
Best Connections Realty, Inc. - Boca Raton, FL
Boca Raton FL (561) 716-7824 CRS, ABR, GRI,ePR

Dorie Dillard This was a great market report on Austin, TX.  Increasing inventory is a good thing!  

Oct 26, 2017 03:49 AM #9
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Rainmaker
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Dorie Dillard CRS GRI ABR

Serving Buyers & Sellers in NW Austin Real Estate
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