The Austin Board of Realtors® just released December of 2018 market stats which showed a decrease in the median price for single family homes in the Austin-Round Rock MSA (metropolitan statistical area) by .8%. Kevin P. Scanlan the 2019 Austin Board of Realtors® stated “2018 was the highest grossing year on record and for the first time ever the median price for single family homes in the Austin-Round Rock MSA stayed above $300,000 for 10 consecutive months.”
Mark Sprague, State Director of Information Capital at Independence Title, commented “Annual sales are still ahead of where we were last year and I don’t think 2019 will be any different. Austin’s strong gross domestic product growth will continue to drive out region’s job growth and need for housing.”
Active listings rose by 2% in December and pending sales were up by 3% with months of inventory still holding steady at 2.3 months.
I think Mark Sprague makes a good point when he says “Last November, we began to see fewer listings on the MLS which is typical of a seasonal slowdown during the holidays. It’s also likely that people are staying in their homes longer to watch their investment increase and to keep their current interest rate.”
Consumers today look stable and have purchasing power especially as we see the debt load consumers carrying have been reduced because they’ve learned from the past. Home ownership is where consumers begin to accumulate wealth. Consumers are making more money and want to purchase a home. Many are looking to new home construction as value for their money. If you are a seller of a resale home you need to travel further to meet the expectations of the buyers. Have you replaced your mechanicals and updated your home?
Even Texas economist Ray Perryman said in the first few days of 2019 “ The Austin-Round Rock metro area remains one of the top performers in the state and continues to attract national attention. Perryman stated “nearly 665,100 new jobs are likely to be added by 2045.” Folks, that’s a lot of new jobs, payrolls and new residents in a 5 - county metro area.
We need inventory...options are slim and buyers appetite for new listings is insatiable. They want to jump early in 2019 before rate hikes kick in (that depends on several factors) and the typical busy season of spring takes shape.
If you are thinking of selling there is no better time than now! Reach out to me so we can discuss current market trends in NW Austin and your goals to see if now is a good time to make a move. I can help position your home to reach the audience looking to purchase your home.
Remember hiring the RIGHT NW Austin Realtor® is critical to your home selling success!
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