The Austin Real Estate Market is not showing any signs of slowing down. Yesterday, the Austin Board of REALTORS released the March 2018 market reports for the Austin Area. Across the board, we are seeing median price increases and an increase in the volume of single-family residential sales. With new listings going under contract quite quickly, we are also seeing an increase in the number of pending sales.
In the greater Austin area which encompasses Austin and suburbs such as Round Rock, Georgetown, Cedar Park, Kyle, Buda, and Manor, known as the Austin-Round Rock MSA, the median sales price reached $305,233 last month. That figure is up 4% compared to March 2017’s Austin area median sales price. Even more remarkably, this area saw a total of 2,714 single family sales last month; this is more sales than any previous March.
Within the Austin-Round Rock MSA, the average days on market (ADOM) increased slightly from last year. Homes stayed on the market approximately 3 days longer with an ADOM of 61 days last month. Homes prices under $250K in the greater Austin area averaged far fewer days on market.
In the City of Austin, single family homes spent on average 46 days on market last month. This is about 5 days less than the ADOM in March of 2017. The median sales price within the City of Austin increased only slightly compared to the median sales price of last March. Last month, the median sales price for single family homes in the Austin city limits was $370K.
Inventory continues to be a problem across the board as well. A balanced market consists of 6.5 months of available homes. Within the City of Austin, there is about 1.5 months of inventory; the greater Austin area has about 2.2 months. As buyers continue to seek out more affordable areas to live, suburbs like Buda are facing a shortage in supply. Last month, there was 1.9 months of inventory in Buda. In comparison, in March of 2017, Buda had 2.4 months of inventory. As inventory decreases, buyers are moving farther out to suburbs like Kyle in order to find homes.
If you are interested in learning more about the market conditions in your Austin neighborhood, contact me today. I’d be happy to give you a detailed breakdown of the activity happening in your hood.
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The Austin Real Estate Market is not showing any signs of slowing down
""I have known Jason since my family planned to move here in Austin back in 2008. He was the sales consultant of the builder where we wanted to get a home with and moved in. Since we were still out of state, Jason keep me posted with all progress and issues that comes along that saves me time and travel costs. We lived in this property for a while and decided to look for a new one. I always ask him how’s the market nowadays and he never failed to give me feedback until we decided to put our house on the market. To make this sale smooth, he had assisted me in preparing the house from inside out to make it the best out there and true enough that we got it sold faster than I thought. My family and I had our confidence in him and we believe he can help others too.”"