This week I am busy researching the Austin Real Estate market. I’m preparing for an upcoming presentation I’ll be making here in Cedar Park, Texas.
One of the key points is that in 2017 our home price appreciation slowed dramatically from 7% to 2.9%. And, it’s expected to slow even more in 2018.
If you remember, I predicted this back in July 2017.
What’s the driver behind this? Well, we’ve enjoyed a run of 6 to 7% annual appreciation for the last five to six years. That’s an unsustainable pace. I told you that. Driving that was a scarcity of inventory.
We continue to see rising inventory, although it’s still very, very tight.
Another indicator is Days on Market. This is how long it takes a home to sell. December’s numbers reflected an 11.6% increase in the Days on Market to 77 days.
Conclusion. It’s evident that our market is shifting. I’ll share all my conclusions in my upcoming Market Update and hope you’ll join me.