Eleven Oaks Realty is proud to present their April 2019 Austin Real Estate Price Report measuring activity in the Austin single family home market.
Austin Median Home Price Up 2%
The biggest story this month: median home prices in Austin up again this month. The median price of an Austin home in April 2018 was $409,900 compared to $420,000 in April 2019, up 2% ($10,100) in year over year numbers. For another month, we’ve seen median price outpace the previous year. Median price increases have steadied, but are still on the upswing.
Median home price helps us see the distribution of homes sold and does not really give us an indication of the increase or decrease in a particular home’s market value. To analyze market value, we’d have to take an in depth look at a neighborhood. If you’re looking for something like that, please check out our Austin Home Values Report.
What does this mean to buyers? Prices have steadily increased over the past several years. And, though it has leveled out, the increases don’t seem to be stopping. If you’re waiting for prices to go down, you might be waiting a while longer. It seems the best strategy might be to get in the market sooner rather than later to have the best chance of spending the least amount of money. We’re seeing fewer new listings compared to last year, but we’ll likely see even fewer at the end of the summer. Get started now and give yourself some time to find a house before the peak season ends. If you’re looking to buy a home, work with an experienced buyer’s agent who can help you navigate the market and negotiate a great deal.
What does this mean to sellers? Even though demand is down, supply is down more, so we are still in an extreme seller’s market. We would expect more buyers to flood the market over the next month or two. As buyers look towards summer to make their moves, they are going to start looking for homes. If you’re looking to sell, get your home ready now. You want to have it active when the most number of buyers are looking at it.
11% Decrease in Time to Sell Home in Austin
In April 2019, it took 30 days to sell a home in Austin, on average, compared to 34 days in April 2018, marking an 11% decrease in year over year numbers. Again this month we’re seeing buyers make decisions quicker. Though there are fewer of them, they are pulling the trigger when they find a home that meets their needs.
Number of Homes Taken Off the Market Up 7%
In April 2019, there were 178 homes taken off the market compared to 167 in April 2018. This marked a 7% (11 home) increase in year over year numbers. Though the Austin real estate market is strong, it is still a price sensitive market. If homes are overpriced, buyers aren’t biting. And, some sellers are stubborn and prefer to take their homes off the market rather than reduce the price. So, it’s not that homes aren’t selling. It’s more that sellers aren’t ready to bring the price down to a market appropriate level.
If you need to sell and your home was priced right, maybe there was something else going on. The biggest culprits we see are incorrect info in the MLS and poor marketing. Check out our Austin Home Marketing Plan to see how your homes would be marketed.
Having trouble selling your home? Check out our Austin Home Not Selling resources page to find out why.
Number of Sold Homes in Austin Down 3%
Austin saw a 3% decrease in the number of homes sold from April 2018 to April 2019. In April 2019, we saw 1,051 homes sell in Austin compared to 1,079 in April 2018 marking a 3% (28 home) decrease in year over year numbers. We’re starting to see the market heat up a bit, but still not as hot as it was last year. Fewer buyers are in the market.
16% Decrease in Austin Housing Inventory
In April 2019, we saw 1.5 months of inventory on the market, compared to 1.8 months of inventory in April 2018, showing a 16% decrease in year over year numbers. With fewer new listings, even the decrease in demand won’t slow the inventory reduction. Buyers are definitely feeling the pinch of an inventory starved market.
Austin Homes Under Contract Down 1%
In April 2019, 1,313 homes went pending (under contract) in Austin compared to 1,322 in April 2018, marking a 1% (9 home) decrease in year over year numbers.
10% Decrease in Number of Homes on the Market
In April 2019, we had 3,489 homes for sale in Austin, compared to 3,876 in April 2018, showing a 10% (387 home) decrease in year over year numbers.
10% Decrease in Number of Homes Listed for Sale
In April 2019, we saw 1,524 homes introduced to the market compared to 1,690 in April 2018, marking a 10% (166 home) decrease in year over year numbers. Sellers are the reason for the decrease in inventory. With 10% fewer new listings and only a slight decrease in demand, it’s no wonder we’re seeing inventory decreases.
Supply Down 10% and Demand Down 3%
This month we saw a 10% decrease in supply (number of properties for sale) and a 3% decrease in demand (number of sold properties).
Median for Sale Up 7% vs Median Sold Price Up 2%
This chart compares the Median for Sale Price vs the Median Sold Price to show their relationship. In Austin, we saw a 7% increase in the median for sale price and a 2% increase in the median sold price of a single family home in year over year numbers.
Source: Clarus Market Metrics, ACTRIS Sold Data
April 2019 Austin Real Estate Price Report – Strictly Numbers
For those of you who prefer to see the actual numbers, we’ve included the figures for April 2019 Austin home sales below. The most expensive home that sold in April 2019 sold for $5,800,000 and the least expensive home sold for $128,000. Homes ranged in size from 481 sqft – 11,622 sqft with an average size of 2,227 sqft. The average price per square foot for a home that sold in Austin in April 2019 was $239.12 with the lowest being $72.68/sqft and the highest being $752.13/sqft. It took, on average, 31 days to sell a home in Austin and sellers received, on average, 98.32% of their original list prices.
| Beds | Baths | SqFt | List Price | LP/SqFt | Sold Price | SP/SqFt | SP/LP | SP/OLP | ADOM | |
|---|---|---|---|---|---|---|---|---|---|---|
| Min | 1 | 1 | 481 | $132,500 | $75.41 | $128,000 | $72.68 | 64.32% | 40.1% | 0 |
| Max | 6 | 8 | 11,622 | $6,400,000 | $841.94 | $5,800,000 | $752.13 | 127.43% | 127.43% | 484 |
| Avg | 3 | 3 | 2,227 | $532,820 | $241.92 | $525,249 | $239.12 | 99.24% | 98.32% | 31 |
| Median | 3 | 3 | 2,012 | $419,000 | $206.52 | $420,000 | $207.70 | 100% | 99.48% | 8 |
| Search Criteria | |||
|---|---|---|---|
| Status | Sold | Sold Date | Apr-19 |
| Property Type | Single Family Homes | Number Sold | 1,065 |
| Source: | ABoR Sales Data | Area | Austin |
Time to Buy? Sell?
As we always say, the best time to buy or sell a home is when you need to buy or sell. If you have a house to buy, buying when its a sellers market may hurt you on the buying end, but you’ll make it up on the selling end. If you’re trying to get into the market for the first time, the only way you’ll know that we’ve “hit bottom” is when its in the rear view mirror. Work with professionals who can help you analyze your financial and lifestyle to determine if now is the right time to buy or sell.
Looking strictly at the numbers, it appears the recommendation for this month is – it’s time to sell. Though demand is down, supply is down more so we are still in an extreme seller’s market. With a month and a half of inventory and fewer new listings coming online, buyers are having to make concessions or pay more for properties that meet their needs. Demand will increase as we get deeper into summer and if your home is ready to sell, you’ll be a step ahead. Sellers who are dragging their feet might miss the prime selling season. We expect to see more buyers as May progresses and with more competition should bring more money for sellers. But, that window is quickly approaching, so don’t delay. Get your home ready now and get it exposed to motivated buyers.
If you’re a seller who needs to sell now, work with a professional Realtor who can help you position your home as the best value on the market. Though we aren’t seeing as much activity, median price is still healthy, showing there are still highly motivated buyers in the market. Check out our 88 Ways to Sell Your Home Faster and For More Money for some tips on how you can prepare your home to meet the market. For more info about our Home Selling Program and why it is the best in Austin, check out Sell My Austin Home.
If you’re looking to buy, know that there are fewer buyers in the market this year than last year. That could make the other buyers a little more complacent. If you have listing alerts set and scope out new listings as soon as they’re listed, you’ll beat other buyers to the best homes. As we get deeper into spring, we expect demand to increase, so if you’re looking to buy, get in the market now. You’ll start to see more inventory as motivated sellers list their homes. And, if you can catch it before demand picks up, you might find a seller who needs to move on. Remember, even though there are fewer buyers, the best homes are still selling quickly. You’ll want to give yourself ample time to make a decision. Get your search set up and start looking at new listings now. If you’re looking to buy, we can help you be successful. We know the market and know how to get the best deal for a buyer. For more info about buying a home, visit Buy a Home in Austin.
Questions About the Austin Real Estate Price Report?
Do you have questions about this Austin Real Estate Price Report? Call us at (512) 827-8323 or email us at info@11OaksRealty.com and we’ll help you in any way we can. If you’re looking to buy or sell Austin real estate, don’t forget to check out our Buyer Resources and our Seller Resources for more tips.
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