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 March 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 👍
March 2018 Market Report:
There were a total of 2,714 single-family homes sold in the Austin-area in March, which is 10.5% more units sold than March 2017. Even more dramatic of an increase was the total sales dollar volume at $1,071,274,938 (that's right, BILLION...with a B!) last month - A whopping 18.4% more real estate dollars sold than this time last year.
The median home price is up 4% from March 2017 to $305,233, 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 UP from March 2017, and we project them to continue to beat last year's numbers as the market heats up in the summer 🔥
New listings (new homes for sale) are down 3% at 4,008. Pending sales (homes under contract) are up 7% at 3,049. Active listings (homes still for sale) are down 2% at 5,640.
Plus, there's still just 2.2 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?
Steve Crorey, ABoR President, reports that this is the most single-family home sales than any March we’ve seen on record. And as a result, this huge growth early in 2018 suggests we'll have a strong selling season this 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're ready to help you save money now!