November 2018 is another Record breaking month in Austin Area real estate
The stats for the Austin Area are in for November 2018 and looks like the real estate market continues in an upward direction. The median price is up 2%, the number of home sales is up 1% with the total dollar of home sales up 6% to a whopping 839 million. The number of days on market is only up 3 days and inventory of homes is under 3 months therefore still a seller’s market.
Sometihing to watch is active listings are up 12% over last year and pending sales are up 3%. There are more options for buyers looking over the holidays. However buyers are not in a hurry to make a decision and are not accepting homes priced too high or not perceived as a good value.
A key driver of Austin’s 2018 economy is the creation of jobs. Austin is the second fastest rate of job creation in the nation! Unemployment is among the tops in the nation sitting at below 3%.
We are officially getting a new soccer team near Midtown and Apple just announced a $1 Billion investment in a new campus in North Austin. Governor Greg Abbot stated "This truly elevated Austin as one of the premier technology hubs in the entire world.” More tech firms and top talent are attracted to Austin. Even UT Austin will have the ability to attract lead faculty. The next year and beyond for Austin’s economy is looking good. 82 net people a day are moving to Austin which means they need a place to live.
Steve Crorey, President of the Austin Board of Realtors says: “Families and young professionals continue to move to the suburbs where there are more opportunities for home ownership at a more reasonable price point than in the city of Austin. While home sales growth isn’t as rapid in the city, demand is still strong. Analysts predict Austin will be a market to watch in 2019.”
The Fed just said they could re-evaluate the interest rate policy in the New Year if slowing occurs. I’ll be anxious to see what January brings, watchfully optimistically.
All communities are not created equal so while the Austin Area is thriving there are sectors where days on market are elevated and taking longer to receive an offer. If you’re a home owner in NW Austin thinking of selling your home 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 firstname.lastname@example.org.