July 2017 Austin Real Estate Statistics

July 2017 Austin Real Estate Statistics

Whenever new statistics about the Austin housing market come out, I like to dig deep into them, and find out what is really going on.

You see, this last summer, a lot of agents have told me that it feels slower than usual for them.  Others have had a great summer.  I can understand both of the situations.  When you look carefully at the numbers, it is really very clear.

Here in Austin, there are really 3 different real estate markets:

  1. The bottom of the market
  2. The mid range
  3. The luxury homes

Let’s start by talking about the bottom of the market.  These are average priced homes that cost $300,ooo or less.  This is a HOT market.  Homes are frequently on the market for just days (sometimes only hours), and get multiple offers.  Frequently they are bought for all cash with a fast close and no inspection, buy flippers or corporate investors.  This is the majoirty of the first time homebuyer market, and it is very competitive.  Things move fast, and you can’t be picky.

The middle of the market are homes from $3000,000 – $750,000 or so.  Move up homes.  People who are buying their 2nd or even 3rd property (after selling their first).  This part of the market also sees a lot of people moving to Austin from other parts of the country.  After analyzing the numbers, this is almost a balanced market.  Houses tend to stay for sale longer, there are more places to choose from, and there is more negotiating on price.  It’s what you would expect to see in an average area where buyers have more homes to choose from, but can’t really dilly-dally because they will sell fast, just not overnight.

Finally we have the top end, the luxury homes.  Here in Austin, that’s defined as houses costing 3/4 of a Million dollars or more.  This encompasses a lot of the downtown condo market, as well as many homes in Westlake, Hill Country, and even parts of central Austin.  In this section of the market, there are more homes than buyers, and people are a lot more picky.  I’d be picky too if I was spending that much on a house.  These homes take much longer to sell, and buyers have a much larger selection to choose from.

So, while the numbers put out by the board show a slowing in some cases, it is easy to see why, when you look at market data segmented by price.

February 2014 Austin Real Estate Statistics

The average home price in Austin is 230,000.  That’s still $50K less than the average for the East Coast, and $70K less than the average for a house on the West coast.  If you haven’t heard, The Austin Real Estate market is on hot.  The Austin Board of Realtors sends us Realtors a monthly 16 page report with tables and tables of data, but I’ve crunched the numbers and compiled them into an easy to read report that you can share on Facebook or Twitter.  These data were gathered from the monthly reports generated by the Austin Board of Realtors, and while deemed reliable, you should check the numbers for yourself if you have any questions. (more…)

January 2014 Austin Real Estate Statistics

2014 is off to a great start!  The Austin Real Estate market is on fire, as the most recent batch of statistics confirms.  As usual, I’ve compiled the most relevent, up to date numbers into a handy real estate infographic that you can download, share, or tweet.  These data were gathered from the monthly reports generated by the Austin Board of Realtors, and while deemed reliable, you should check the numbers for yourself if you have any questions.

Click to Tweet this  – Austin Real Estate Statistics and Infographic for January 2014

Austin Real Estate Stats

According to the Austin Board of Realtors:

  • Home sales are up 7% year-to-date when compared with the January of 2013.
  • The median price of a house in the Austin area is also UP 7%.
  • Homes took an average of 63 days on the market to sell, a decrease of 9 days from last year, even in this usually slow beginning of the year period.
  • There are only 2.0 months of inventory, (a balanced market has a 6 month supply). this means there isn’t a huge selection of homes to view if you are looking.

Did you see that last stat?  There is only a 2 month supply of homes.  A normal, balanced market has a 6 month supply.  What that means is that if no new homes are listed for sale, it would take 6 months to exhaust all the inventory of houses for sale.  That gives buyers a lot of options, as well as time to look around.

But in this crazy seller’s market, buyers are at a disadvantage.  Properly priced homes are receiving multiple offers, generally above asking, and they are selling in days (and in some cases even hours).  I learned of a house in central Austin that got 24 offers in a single weekend!

Strategies for buying a house  in Austin

If you are thinking about moving to Austin and buying a house, you could have some competition, depending on your price point.  There are lots of great tools to help you find a house these days, including Zillow, Trulia, or Realtor.com.  But once you find the house of your dreams, you need a strategy to get it, and that’s where I come in.  I’ve got proven, winning, negotiation strategies that can help you get the house you want, for the best price, and with the least amount of hassle.

November 2013 Austin Real Estate Statistics

Home sales increase 14% – that’s a 7 year high!  Austin is experiencing the 30th straight month of sales volume increases.  This is the most homes sales in November since 2006.  The Austin real estate market is HOT, and if you are seller, you are in control (within reason).

 
November 2013 Austin Real Estate Infographic

Click to Tweet this  – Austin Real Estate Stats and Infographic for November 2013

 

Austin Real Estate Stats

According to the Austin Board of Realtors

  • Home sales are up 14% year-to-date when compared with the November of 2012.
  • The median price of a house in the Austin area is also UP 10%.
  • Homes took an average of 51 days on the market to sell, a decrease of 16 days from last year, even in this usually slow holiday period.
  • There are only 2.3 months of inventory, (a balanced market has a 6 month supply). this means there isn’t a huge selection of homes to view if you are looking.

Normally, during the holiday period, starting around Halloween, and continuing through Thanksgiving and into the beginning of the year, we see a slow down in sales, however because of Austin’s popularity, strong job market, and healthy economy, housing sales are continuing at a record setting pace.

While homes don’t typically sell quite as quickly in the winter months as they do in the spring, houses are selling 16 days faster than they did at this exact same time last year, and there are fewer homes available, too,

Selling your house in Austin

If you are thinking about selling your house in austin, either to move to a new neighborhood, downsize, or cash out, I can provide you with data that can help you make your decision, including the actual prices homes like yours have sold for in the last 30 days.

Buying a house in Austin

There are still tons of great opportunities to purchase in Austin, contact me today to learn which neighborhoods are appreciating the fastest.

October 2013 Austin Real Estate Statistics

The Austin real estate continues to be an extreme seller’s market.

According to the Austin Board of Realtors:

  • Home sales are up 9% year-to-date when compared with the October of 2012.
  • The median price of a house in the Austin area is also UP 9%.
  • Homes took an average of 48 days on the market to sell, a decrease of 20 days from last year.
  • There are only 2.5 months of inventory, (a balanced market has a 6 month supply).

 

With numbers like these, some may wonder if we are going to experience a housing bubble in Austin.  I personally believe, as do many industry experts that this isn’t the case.  In recent weeks I’ve experienced several instances of appraisals coming in low for some of my sales.  However, buyers are willing to bring cash to the table to purchase the home, as there is such a short supply of appropriate homes for them to consider.  Granted, the extra amount isn’t much, usually 1-2% of the total price (or less), but they are paying.

Why is there such a demand in Austin?  Lots of reasons.  Mostly because 150 people or so are moving here a day!  Forbes continually ranks Austin as the top economy in the country.  We have lots of jobs for new grads, as well as established workers.

In addition to all the great job opportunities, we are a fun place, with such international events as SXSW, F1, and ACL.  And those are just the big events.  It seems like every weekend there is something to do in this amazing city, I call home.