Austin Residential Appreciation has Slowed NOT Declined

By
Real Estate Agent with Coldwell Banker United Realtors® ~ 512.346.1799

The three sources I consult and depend on to stay in the know on Austin TX real estate market are Mark Sprague, Neal Spelce and the Austin Board of Realtors®. It’s amazing they are all in agreement in their latest reports; “Austin Residential Appreciation has slowed NOT declined!”

Mark Sprague a long time observer of the real estate market in Austin in his latest post November 30, 2017 stated “Austin real estate has been traveling at light speed with over 60% appreciation on residential real estate in the last 10 years. Recently we have seen sales slow, not much, but a little. Residential appreciation has slowed not declined.”

As Mark states “The important takeaway is that Texas metros real estate values continue to appreciate.” I love his statement (which he personally told me to use): “Sellers need to travel farther to meet buyer’s expectations.” He points out in some price points inventory is up, particularly luxury above $2 million. Luxury is in a “buyers market”.

Buyers will not over pay, they are looking at multiple properties and will choose the one that best fits their needs and budget.

In Neal Spelce’s December 15, 2017 letter he agrees and quotes many of what Mark Sprague offered about the Austin real estate market. He is right, “real estate is an important underpinning of the Austin economy and the economic barometer affecting our bottom line.” We are a 5 county area and generally homes are less expensive outside Austin/Travis County and that is where the markets are hot!

Our Austin Board of Realtors® president Brandy Guthrie stated: "Homes sales are the strongest where price points are the lowest and where development options are available, such as parts of Williamson and Hays counties.”

The November 2017 single family housing market statistics in the Austin-Round Rock MSA were released on December 15 comparing figures to November 2016. Drum roll please:

3.7% (2,196) more single story homes sold. Median average was 2.9% more ($296,500). Days on market were 61 days up 6 more days. Active homes on the market are 13.7% more (6,391). Pending Sales are up 14.9 % more (2,340) and total sales dollar volume is up 3.7% more ($803,851,183.

When discussing the 5 county Austin real estate markets I feel confident in saying we are experiencing strong markets. Clarifiing which market place is a must in determining the most up to date realistic answer. Looking at current listings and pending sales in any market place are factors that must be considered to sensibly evaluate performance. I agree with Mark, Neal and ABOR I don’t see values softening anytime soon, baring a catastrophic economic event. With interest rates and values rising, why would you wait to buy?

Search for homes in NW Austin

 

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Topic:
Real Estate Market Trends
Location:
Texas Travis County Austin
Groups:
Texas Real Estate
All Thing's Texas
Local Expert
Market Reports
All Real Estate - Today and Tomorrow
Tags:
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austin board of realtors
neal spelce
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brandy guthrie

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Rainmaker
2,685,063
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker

Good morning Dorie. As a SWAG (scientific wild ass guess) I would have concluded the same thing if asked. Austin continues its growth by all reports, all be it, at a bit slower pace then Texans want! Still better than many other areas. Enjoy your day.

Dec 23, 2017 05:50 AM #1
Rainmaker
2,440,661
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Hi Dorie... it's not slowing down here in the Queen City, either.

Dec 23, 2017 06:18 AM #2
Ambassador
1,588,809
Debb Janes EcoBroker and Bernie Stea JD
ViewHomes of Clark County - Nature As Neighbors - Camas, WA
REALTORS® in Clark County, WA

Interesting about the buyers demanding more, in what is still in many areas, a sellers market. We had this discussion recently with a Title officer and another Realtor - buyers are getting pickier and pickier in our market. It's somewhat counter intuitive, given inventory. D 

Dec 23, 2017 07:38 AM #3
Rainmaker
632,296
Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

Good morning Dorie Dillard 

Thank you for sharing your information with us.

Have a great day 12/23/2017. 

Dec 23, 2017 07:53 AM #4
Rainmaker
1,545,206
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good morning Dorie - this is actually the market adjustiing and it is good news.  Values will continue to grow.

Dec 23, 2017 09:26 AM #5
Rainmaker
2,665,529
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

It is similar here too Dorie Dillard , hope you had a good day

Dec 23, 2017 03:29 PM #6
Ambassador
2,744,854
Paul S. Henderson, REALTOR®,CRS,
RE/MAX Professionals. - Tacoma, WA
Tacoma Washington Agent/Broker & Market Authority!

Your Market is much like ours; where it has slowed but it has not declined Dorie Dillard 

Dec 23, 2017 05:42 PM #7
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3,489,010
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Dorie we are still waiting for our housing market to take off.  Hoping 2018 is the year it finally does.

Dec 23, 2017 08:35 PM #8
Rainmaker
2,465,331
James Dray
Fathom Realty AR LLC - Bentonville, AR
Exceptional Agents, Outstanding Results

Morning Dorie.

Frankly I don't have any idea about our market right now.  Been way to busy 

Dec 24, 2017 01:32 AM #9
Rainmaker
1,332,237
Amanda S. Davidson
Amanda Davidson Real Estate Group - Alexandria, VA
Alexandria Virginia Homes For Sale

Dorie, Austin is such a popular place to call home and an amazing city. No surprise at all that the market is still going strong. Your constant pulse on the market is one of many reasons you're the agent to contact for the best representation.

Dec 24, 2017 10:22 AM #10
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Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

Glad your market is holding strong and will likely continue well into the next couple of years.

Dec 24, 2017 05:22 PM #11
Rainmaker
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Lisa Von Domek
Lisa Von Domek Team - Dallas, TX
....Experience Isn't Expensive.... It's Priceless!

Dorie Dillard stopping by to wish you and yours a

Merry Christmas Eve!

Dec 24, 2017 05:31 PM #12
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Dorie Dillard

Serving Buyers & Sellers in NW Austin Real Estate
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