The Austin Real Estate Market is Shifting.
I’ve been saying for months that our Austin real estate market is showing signs of softening. Here’s the four facts that indicate our market is shifting.
Number one. It’s taking longer to sell a home. In fact, it’s taking 29 percent longer to sell a home. In 2016 it was taking 62 days for a home to sell, on average. Now, in 2019 it’s taking 80 days. That number is the highest it’s been in 5 years. That is a key indicator of a shifting market.
Number two. Total number of sales is down. December 2018 sales was down 11.7% compared to a year ago; in January 2019 sales were down 5.0% compared to a year ago; and last week, sales were down 5.77% compared to the same week one year ago. This is another key indicator of a shifting market.
Number three. The average sales price last week was down 1.64% compared to one year ago. That’s not a big change, but for a market that’s seen rising prices for many years, this is a significant indicator of a shifting market.
Number four. Inventory is up 4.5 percent. This is the number of total homes for sale. And, we’ve been talking about a shortage of inventory for years in the Austin market. Now, we are seeing this fourth indicator of a shifting market.
Is this bad news?
This isn’t necessarily bad news. In fact, our market has been very good to home owners in recent years. This is just a natural cycle playing out in our market.
The good news is this, your home has never been worth more than it is right now. So, if you’re thinking about selling, that’s very good news.
The news is good for buyers too. Interest rates have not gone up as predicted and expected. In fact, the FED has pumped the brakes on rate increases.
Right now……TODAY….is a window of opportunity for both buyers and sellers.
If you are interested in selling or buying we need to talk. Give me a call. Dan Forbes, Forbes Property Group RE/MAX 1. 512-516-4666
