Here we are in April of 2018 and people want to know what’s going on in the Austin, Texas real estate market. Well, as you can see from the chart below, 2018 is starting out like gang-busters.
Here’s some important numbers that I always watch:
- Units Sold: 3,030 up 4.92% from March 2017
- Average Sales Price: $379,280 up 4.53% from March 2017
- Average Days on the Market: 70.34 days up 3.44 days from March 2017
- Median Sales Price: $298,000 up 2.76% from March 2017
All of this is good news for Sellers except for the increase in Days on Market. DOM is the number of days it takes to get a home under contract. An increasing DOM number is indicative of a slowing market.
Another indicator that a slow down may be ahead is the total number of listings. Increasing inventory benefits the buyer rather than the seller.
Active Listing History:
2018 = 7,918
2017 = 7,899
2016 = 6,970
2015 = 6,144
2014 = 5,839
2013 = 6,214
2012 = 8,527
2011 = 10,851
2010 = 11,904
All in all, we are still in a strong Seller market. Prices continue to move upward because of low inventory levels.
Buyers can take some comfort in the fact the mortgage rates are still historically low. That’s the silver lining for buyers.
Why the sudden uptick in the number of homes selling? Two factors come into play. Builders have furiously been building and buyers love new homes. Secondly, because buyers are anticipating mortgage rates to go up in 2018 they are entering the market sooner rather than later.
Why would you want to work with a REALTOR who is knowledgeable about the market? Mainly because you want a strong negotiator on your side whether you are buying or selling. When your agent knows the market he/she knows how to position your price or position your offer. That can save you thousands of dollars.
It’s important to know where the market is heading and to stay just ahead of the developing trend. So, if you are thinking of buying or selling, please give me a call at 512-516-4666.
