Austin Real Estate Market Report for January 2018

January 23, 2018 by · Leave a Comment 

December saw a significant increase in home sales, 2693 homes sold, a 26% increase from last December! We think Hurricane Harvey, the California fires, a rising interest rates and perhaps the tax bill contributed to the rise. We had buyers coming to Austin from both the Houston area hit by the hurricane and from California where one family lost everything. Thankfully, inventory is also up so we had good Austin properties to show them.

To Summarize:
Currently Pendings are lower than the last two years.

It is an Extreme Seller’s Market for homes priced under $500,000. This is 72% of the homes for sale.

Of homes prices above $2M, only 9 homes sold in December out of 192 homes on the market. Of the 4 that sold over $3M, the sales price was only 73% of the asking price.

There are currently more homes for sale in January, 5,967, than the previous 5 years. There are 11% more homes for sale than last January.

Overall the Austin market has 2.43 Months of Inventory, the lowest of any December in the last 7 years.

The average sales price for a home in Austin, $376,185, was an increase of 3.4% from one year ago. The prior year also saw an increase of 3.4%

The median sales price for a home in Austin, $310,000, was an increase of 6.9% from one year ago. The prior year saw an increase of 5.6%

Conclusion: The Austin market remains strong. Demand overall is high and homes for sale have increased. The only weakness in the Austin market are the homes priced over $2M.

See the entire market report where we break down the statistics by price band and zip code.

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