November 2018 Market Report - Austin home prices are up 5.5% Year over Year
We are nearing the end of the year and sales are still seeing positive trends with 2018 shaping up to be another record setting year.
Sales in City of Austin proper are still very strong with the median home price up 5.5% to $374,900 from last November . With 618 homes sold in November (down 5%) and only 1.9 month’s of housing inventory, Austin is still firmly in an Extreme Seller’s Market.
The rest of the Central Texas market is starting to see a slight slow down in sales with 2.7 month’s of housing inventory, up .2 month’s from last year. With slightly more housing inventory and homes taking a little longer to sell (average of 64 days on the market, up 3 days from last year) we may start to see home prices outside the city limits slow down. Right now, prices are still up (median home price is $301,391, up 2% YoY), homes sell are up (2,201 homes sold in November, up 1% YoY) and $839M in sales volume, up 6% Year-over-Year.
SELLERS are in all parts of the market are still in a strong position to net top dollar on their home. Buyers have high expectations for what they are buying since it is starting to cost more per month for the same home with interest rates going up from 3.5% to 4.75-5% in just over a year.
BUYERS are starting to see slightly less competition for homes in the suburbs and outlying cities. The best homes are still selling fast and for top dollar, but there are starting to be more “Deals” out there.
INVESTORS are having to be patient while looking for the best deals and act fast when they come up. Income properties are harder to come by. Foreclosures are up slightly. Look to the smaller markets outside of Austin for the best investments.
See below for infographics and analysis of all parts of our Central Texas Real Estate Market.
Here is the Press Release from the Austin Board of Realtors with the rest of the market update for November 2018.
AUSTIN, TX–As single-family home sales continue to rise, another record-breaking year is expected for the Austin-area housing market, according to the latest monthly report from the Austin Board of REALTORS®. The November 2018 Central Texas Housing Market Report released today suggests another strong showing for the region.
"Sales are up 3.3 percent year-to-date for 2018,” Steve Crorey, president of the Austin Board of REALTORS®, said. “Pending sales volume in December, the Central Texas housing market is on track to have one of the highest-grossing years on record."
Austin-Round Rock Metropolitan Statistical Area (MSA)
In the Austin-Round Rock Metropolitan Statistical Area (MSA), sales volume slightly increased 0.7 percent year over year from 2,185 sales in November 2017 to 2,201 sales last month. Sales dollar volume increased 5.6 percent year over year to $839,317,911, while the median home price increased 2.2 percent year over year to $301,391.
New listings for the five-county MSA increased 1.7 percent year over year to 2,380 listings in November. During the same period, active listings increased 11.5 percent to 6,907 listings and pending sales increased 2.5 percent to 2,217 pending sales. Monthly housing inventory increased by 0.2 months to 2.7 months of inventory.
"Families and young professionals continue to move to the suburbs where there are more opportunities for home ownership at a more reasonable price point than in the city of Austin," Crorey said. "While home sales growth isn't as rapid in the city, demand is still strong. Analysts predict Austin will be a market to watch in 2019."
City of Austin
In the city of Austin, home sales decreased 5.4 percent year over year from 653 sales in November 2017 to 618 sales last month. During the same period, sales dollar volume remained flat at $288,251,771. The median price of single-family homes rose 5 percent to $374,900. New listings decreased 3.9 percent to 697 listings; active listings decreased 2.4 percent to 1,487 listings; and pending sales decreased 4.6 percent to 638 pending sales. Monthly housing inventory decreased by 0.1 months to 1.9 months of inventory.
In Travis County, November single-family home sales slightly decreased 0.5 percent year over year to 1,029 home sales, but sales dollar volume increased 5 percent to $474,252,517. The median price for single-family homes rose 5.4 percent to $355,000. During the same period, new listings decreased 0.9 percent to 1,189 listings; active listings increased 2.7 percent to 3,112 listings; and pending sales increased 0.8 percent to 1,058 pending sales. Monthly housing inventory decreased 0.1 months year over year to 2.4 months of inventory.
In November, Williamson County single-family home sales increased 4.5 percent to 812 home sales and sales dollar volume increased 4.9 percent to $246,902,818 since last November. During the same period, the median price for single-family homes increased 1.8 percent to $280,000. New listings increased 4.9 percent to 798 listings; active listings jumped 20.8 percent to 2,449 listings; and pending sales decreased 2.6 percent to 764 pending sales. Housing inventory increased 0.3 months year over year to 2.7 months of inventory.
Hays County single-family home sales rose 1.9 percent to 269 sales in November, and sales dollar volume spiked 18.6 percent to $94,305,038. The median price for a single-family home increased 2.8 percent to $262,047. During the same period, new listings increased 7.3 percent to 281 listings; active listings experienced a double-digit increase of 15.9 percent to 950 listings; and pending sales increased 21.1 percent to 287 pending sales. Housing inventory increased 0.3 months to 3.2 months of inventory.