Austin Area Home Sales Report
March 22, 2018 by Laura Duggan · Leave a Comment
In the last six years, the Austin market has changed dramatically. This change has significantly impacted home values and affordability, and it has significantly changed the way buyers and sellers get their best results.
Between 2009 – 2012 an average of 1900 homes in Austin sold each year during January and February. Our market stagnation followed the economic recession of 2008. Every year after 2012, for 6 years, the number of sales has increased during January and February. This year we have had over 3400 sales in the first two months of the year.
More homes have sold in January and February than any prior year in Austin’s history.
Currently there are 5,757 homes for sale, a 14.1% increase over last year. However demand continues to exceed the increased inventory and home prices continue to rise. This is especially true for homes priced below $600,000.
In January, the average sales price was $374,338. The median sales price was $300,000. The average sales price in February was up 5.29% and the median sales price up 4.32% from just one year ago.
The areas with highest demand and lowest inventory are in Southwest Austin, East Austin and Northwest Austin.
The zip code with the highest average price homes sold was 78703 at $1,160,168. Homes priced over $1M remain in an Extreme Buyer’s Market with over 12 months of inventory. However in January and February 85 homes sold over $1M, an Austin record.
Buying and Selling in this market requires a deep understanding of the history and pressures in each area of town. As always, we invite you to contact us for information specific to your area of interest.
Posted by Laura Duggan, Broker/Owner, West Austin Properties, 3312 River Road, Austin, TX 78703, 512-750-2425, homes@westaustin.com
