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 firstname.lastname@example.org and let’s get started! I'm your local Realtor with international connections.