A new month is just around the corner, which means we've got the latest Austin real estate market update for you!
Don’t worry, we never expect you to be a real estate expert, that’s our job. So we’ve broken down the latest market update from February for you into what you actually want and need to know.
Or just skip to the end and check out the Austin Board of Realtors infographic for a summary 👍
February 2018 Market Report:
Home sales are up 6% from this time last year, which is not surprising to us because we really felt a push for sales earlier in the year than normal. Typically the market picks up in the spring, closer to April & May, so if this trend contines we anticipate a really great summer for both buyers & sellers.
The median home price is up 4% to $299,900, which is still lower than historic median home prices in the summer, so now is a great time to buy and still get a great deal!
What does this mean?
Home sales and median price are on the rise and we're feeling it earlier in the year than normal, and they should continue to increase as the market heats up in the spring 🔥
New listings (new homes for sale) are down 1% at 2,819. Pending sales (homes under contract) are up 14% at 2,504. Active listings (homes still for sale) are up 1% at 4,969.
Plus, there's still just 2 months of inventory on the market - Keep in mind 6.5 months of inventory on the market is a "balanced market" meaning it's neither a "buyer's" nor a "seller's" market.
What does this mean?
Demand is high, and buyers are ready to make a move! Inventory is just now beginning to pick up, yet is still way too low to support the large buyer pool. There are a lot of buyers looking for homes that just aren't on the market. We can only hope that more sellers come out of the woodworks in the summer 🙏
Now we know you're thinking, “What can I do to get in on some of these top-dollar home sales??”
Bottom line: If you're thinking about selling your house or buying a new home, now is the time to do both!
So what are you waiting for?
P.S. We’re booking appointments right now for anyone looking to make a move in the Summer, so be sure to reserve a spot on our calendar HERE as soon as possible. Spots fill up FAST, and we really want to help you save money ASAP!